Theta Network Price Analysis: Theta respects the long-term sloping trendline, but the bulls don’t want to lose their footing.

  • Theta Network coin has performed poorly inside a downtrend line since early March.
  • Theta coin shows below prominent exponential moving averages (such as 20, 50, 100 and 200 EMA) on the daily price chart.
  • The price of the Theta/BTC pair is trading at 0.00007584 satoshis, up 4.2%.

Theta Network coin has been facing a decline since early March, so the crypto has lost 75% of its cost so far. During the downtrend, the bulls saw a 2022 low at $2.8, which is still valid as a hedge for buyers.

The Theta Network appears to be in a recovery phase by displaying a descending triangle pattern in Theta price action, in which the crypto price remains above an uptrend line (blue) and below a downtrend line for a long time.

Theta coin looks bullish at $3.07 at the time of writing, with an inside candle in the weekly chart. Thus, buyers are celebrating a more than 10% increase in market capitalization in the last 24 hours at the presence of $3.06 billion according to CMC. Additionally, the THETA/BTC pair is trading at 0.00007584 satoshis, up 4.2%.

On the weekly price chart, the 100 EMA (near $4.0) was a strong sell zone for the bears. Similarly, Theta Coin’s daily price chart sees the all-important EMA below. However, the weak liquidations worried traders. And last night, the neutral trading volume was $187 million.

What is the most recent resistance?

A $3.5 mark suggests the most recent bullish hurdle for THETA holders.

The MACD indicator moves into negative territory after a bearish crossover but sees flats. Additionally, the daily RSI indicator moved towards the half line (50 points) after receiving two rejections.

Conclusion

Theta Network coin is slightly above the next uptrend line, but the 100 EMA, along with a downtrend, remains a bullish barrier for close positions. There could be strong bullish momentum after a breakout of the triangle pattern.

Resistance level – $4.5 and $6.0

Support level – $2.5 and $2.0

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.