THETA has been bearish since last week, when will it recover? –

  • The Theta Network price has been declining since August 13 and has declined against a rising parallel channel on the daily chart.
  • The THETA crypto has fallen below the daily moving average of 20, 50, 100 and 200 days.
  • THETA/BTC pair is at 0.00005603 BTC with an intraday decline of 6.85%.

Theta Network price fell below an ascending parallel channel on the daily price chart. The token declined below the channel and is still trading with strong downtrend momentum on the daily chart. THETA crypto needs to garner support from buyers to escape the bearish rally. However, the bears drag the token to lower levels. The token still needs to escape the bearish trap to avoid falling further on the daily chart. THETA investors should wait for any direction change on the daily chart.

Currently, Theta Network’s market cap is $1.21 CMP, down 13.96% from the previous day. However, during the intraday trading session, trading volume jumped over 36%. The volume is bullish and the THETA currency seems to be recovering. THETA bulls must maintain their current rate of ascent in order to see the breakout of the THETA token. The volume to market capitalization ratio is 0.05208.

The THETA currency price fell below the ascending parallel channel on the daily price chart. The coin needs to attract buyers in order to avoid a sharp decline throughout the daily price chart. However, when bears are present and above normal, the change in volume is evident. This demonstrates that short sellers are exerting daily pressure on THETA coin. The THETA crypto has fallen below the daily moving average of 20, 50, 100 and 200 days.

What do technical indicators suggest about THETA?

During the daily price chart, the price of the THETA currency moved inside an ascending parallel channel. To break out of the uptrend, the token must move in the direction of the upper trendline. The momentum of the THETA coin’s downtrend is shown by technical indicators.

The decreasing speed of the THETA currency is indicated by the relative strength index. At 37, the RSI is almost in oversold territory. The THETA currency is currently moving lower on the MACD. After a negative crossover, the MACD line is below the signal line. Investors in THETA should monitor the daily chart for any trend changes.

Conclusion

Theta Network price fell below an ascending parallel channel on the daily price chart. The token declined below the channel and is still trading with strong downtrend momentum on the daily chart. THETA crypto needs to garner support from buyers to escape the bearish rally. However, the bears drag the token to lower levels. However, when bears are present and above normal, the change in volume is evident. This demonstrates that short sellers are exerting daily pressure on THETA coin. The momentum of the THETA coin’s downtrend is shown by technical indicators. After a negative crossover, the MACD line is below the signal line. Investors in THETA should monitor the daily chart for any trend changes.

Technical levels

Support level: $1.15 and $1.05

Resistance level: $1.40 and $1.55

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only, and they do not constitute financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

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