THETA NETWORK Price Analysis: THETA Price Falls Amid Bearish Dominance

  • The price after a false breakout is now falling on the daily and hourly chart. The bulls need to take care of the crucial support.
  • Volume fell 38% during the intraday trading session.
  • The THETA/BTC pair is at 0.00006692 BTC with a gain of 1.63%,

THETA price, after falling in a downtrend, made a false breakout and fell again on the daily chart. This shows that the bears strongly oppose the bullish dominance, so the price could fall back as the bears have started to dominate again. Trading volume fell 38% during the intraday trading session. The coin needs to recover as many investors face huge losses and the bulls need to build up to prevent the coin from falling below the crucial $1 support. The coin is currently trading above the exponential moving average, investors should wait to make a move or else they may register a loss.

The current price of a THETA coin is trading at $1.43 with a gain of 2.95% in its market capitalization in the last 24 hours. The coin has a trading volume of 84 million with a whopping 38% loss in the 24-hour trading session and a market capitalization of 1.4 billion. The market capitalization ratio by volume is 0.05856.

Short term analysis for THETA

THETA price after waves of strong uptrend is now poised to sustain bearish dominance on the short-term (4-hours) chart. The bears knocked the price down 6% in just 3 hours.

Technical indicators like MACD just gave a negative cross and now the MACD line is moving below the MACD signal line with the histograms falling red. In support, the Relative Strength Index indicates the same as it dips showing the increasing selling pressure on the coin. The RSI value has fallen below 55. The price is flattering after crossing the upper side of the Bollinger Band.

Conclusion

THETA price, after falling in a downtrend, made a false breakout and falling again on the daily chart and after waves of a strong uptrend, it is now ready to sustain the bearish dominance on the short chart term. THETA bulls need to take care of the crucial support slice, as the technical indicators point to bearish pressure on the coin.

Technical levels

Resistance levels: $1.5 and $1.95

Support levels: $1.21 and $1.06

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.