Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
THETA price prediction is bullish for the next month. It shows that the price is near the demand zone so recovery may arrive soon.
Theta Network price seems to be stuck in the range between $0.562 to $0.690. It shows signs of base formation and buyers are trying their best to rebound.
THETA crypto price is below the downward-sloping 50-day and 200-day EMA. It denotes that the trend is in a downward direction.
Previously, the buyers tried multiple times to break the $0.690 hurdle to expand the range upward. However, the attempt failed and the price continued to trade in a range.
The buying volume is on the rise but the price is still inside the range. It shows that some genuine investors are silently accumulating the THETA token at a cheap price.
The decentralized video streaming, data delivery, and edge computing industry will perform well in the future. THETA token may benefit and the price may rise by considering this.
Currently, THETA price is trading at $0.603 with an intraday rise of 0.33%. The 24-hour volume to market cap is 1.35%.
Will THETA Price Rebound or Correct More?
THETA price prediction suggests that the crypto might take a U-turn from the support soon. The demand zone looks strong so downside risk seems limited.
Till Theta Network price sustains above $0.500, the possibility of the upside reversal remains high. However, the prices will gain momentum when buyers are able to break the $0.690 hurdle.
On the other hand, if sellers took control and dragged the price below $0.500, then more downside will open. The technical analysis suggests that THETA crypto price looks oversold so bounce back is possible.
Theta Network Price Formed Doji for Five Consecutive Weeks
Theta Network price formed Doji for five consecutive weeks. This indicates that the price lacked direction and buyers looked reluctant to build fresh long positions.
The crypto leader BTC price is near $27K which may act as a strong hurdle. If BTC succeeds in breaking $27K, then the market sentiment will improve. So, the Theta Network price may also be positively impacted.
The MACD is sloping sideways indicating that the price continues to consolidate for some more time. The RSI at 44 denotes mild weakness but it may reach the neutral zone soon.
Conclusion
THETA price prediction will stay bullish for October 2023. The crypto formed a strong base near $0.500 so the downside risk is low. The analysis suggests that Theta Network price is at attractive levels so the possibility of an upside reversal is high.
Technical Levels
- Resistance levels: $0.690 and $0.763
- Support levels: $0.562 and $0.500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/09/19/theta-price-prediction-for-october-will-the-downfall-continue/