With a downfall of more than 40% in the past week, the THETA price hangs close to $2.5. The increased selling pressure fuels the correction phase in action. Moreover, the extreme fear controlling the minds of investors threatens a bearish continuation. Will the downfall break below the $2 mark?
Key Technical Insights
- The THETA coin price falls 40% in a week to reach the $2.5 mark.
- The intraday trading volume in the Theta Network coin is $209 Million, indicating a 23.2% loss.
Source- Tradingview
In our previous coverage of the Theta Network coin, the technical chart hinted at forming a double bottom pattern with crucial monthly support of $3.7 at its base. However, the buyers couldn’t rally the price higher than $4.6 as the selling renewed due to the sudden bloodbath in the crypto market.
- This recent free-fall plummeted the coin below two crucial support of $3.7 and $2.8, causing a 50% devaluation of THETA price in just three trading sessions.
- The network price breaks below all the crucial Simple Moving Averages (50, 100, and 200) in the daily chart. Moreover, the SMAs maintain a bearish alignment, with the 50-day SMA trying to provide dynamic resistance.
- The Directional moving Index shows the ADX line rising above 25%, indicating a solid trend momentum in action. With the spike in the -DI above 35% and a sharp fall in the +DI below 12%, the gap reaches a phenomenal milestone for a bearish trend. Therefore, the indicator reflects a solid bearish trend in action.
THETA Price Stabilizes Near $2.5 With Minor Retracement
Source-Tradingview
The Theta Network coin price stabilizes near the $2.5 horizontal level after a free fall creating multiple bearish engulfing candlesticks in the 4-hour chart. Moreover, the price action might pull back to this flipped resistance($2.8) in search of sufficient supply.
In the past 24 hours, the coin price rose by 7.84%, at press time, despite the 25% fall in intraday trading volume. However, the price remains far from the next resistance level at $3.27 and $4.15 ( Pivot Level and R1 Pivot Level). The support levels present below the $2.5 are at $2 and $1.55.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/theta-network-price-analysis-bears-smash-yet-another-support-level-despite-weak-signs-of-bullish-relief/