Theta Network Price Analysis: Theta Remains Inside Hidden Bearish Pattern Despite Rebound

  • In terms of the weekly price chart, Theta Network observes a descending wedge pattern.
  • The market capitalization of Theta coin has increased by almost 15% in the last 24 days, as it remains above $1.15 billion.
  • The Theta coin belonging to the bitcoin pair is supporting bulls by 24.5% at 0.00005175 satoshis.

The Theta Network sees a descending wedge pattern (white) in the context of the weekly price scale. Although there is less volatility in theta coin these days, the price of the altcoin has remained bearish for the past few days.

The bears form a cover zone near the descending trendline, as once again the ongoing downtrend in the bull market could see a bullish rejection near this zone.

So, at the time of this writing, Theta Network (THETA) is trading in a green zone at $1.15 after a dramatic bloodbath. And the psychological level of $1.0 appears to be an important support level for the bulls.

At this point, the intraday trading candlestick is completely at an end. Meanwhile, theta coin’s market capitalization has recovered around 15% in the past 24 days as it remains above $1.15 billion. Additionally, the theta coin belonging to the bitcoin pair is supporting bulls by 24.5% at 0.00005175 satoshis.

THETA coin has vital support at the $1.0 mark

In the context of the daily price chart, the theta price sits below the important EMAs like 20,50,100. Thus, the 20 EMA is a short-term resistance zone for bulls and the 100 EMA is a red zone for volatility.

The daily RSI indicator found a rejection at the half line (50 mark) but is heading towards the top 50 again, on the other hand, Stoch RSI is in oversold territory.

Conclusion

Apart from the simple RSI indicator, every major technical indicator shows weakness in Theta Network price. But the bulls are trying to reverse the trend of the theta coin

Resistance level – $1.5 and $2.0

Support Level – $1.0

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.