Theta Network Price Analysis: Will THETA Hold Above The Psychological Level Of $1.00 Or Will It Drop?

  • Theta Network price is trading below a descending trendline on the daily chart.
  • The crypto asset fell below the daily moving average of 20, 50, 100 and 200 days.
  • THETA/BTC pair is at 0.00003915 BTC and lost 6.21% during the intraday trading session.

The theta network price falls below a negative slope line and broke below the $1.50 level during the intraday trading session. THETA coin needs to hold above $1.00 and avoid falling further on the daily chart. The 24-hour high and low by THETA coin is at 1.26 and 1.12 respectively. This shows that the downside pressure is easing and now is the right time for THETA to accelerate the uptrend on the chart. THETA needs to attract more buyers in the intraday trading session to maintain a psychological level above $1.00. The existence of THETA is at stake and the token needs to stop rallying on the downside.

Theta Network price is currently CMP at $1.14 and has lost 8.09% of its market capitalization in the last 24 hours. However, trading volume increased by 11.81% during the intraday trading session. The positive volume change means that the token is now attracting buyers and by gaining consistent uptrend momentum, the token can register its breakout from the downward sloping line on the chart. The volume to market capitalization ratio is 0.0718.

THETA coin price needs to gain bullish momentum to sustain above the psychological level of $1.00. However, the existential crisis is mounting for THETA as investors are quite scared to invest in the crypto asset due to the ongoing bear market. THETA needs to attract more buyers to increase the trading volume in their favor. The volume change can be seen below the average and needs to grow for THETA to escape the downtrend.

The lower support is at $1.00 and the upper resistance is at $2.00.

THETA facing the existential crisis

THETA coin is trying to fly above the daily chart but could not attract the best buyers and slide on the daily chart. The THETA crypto is collapsing below the 2021 low and currently sits at the lower level as of 2020. THETA is facing serious allegations about its existence these days and now is the time for THETA to make its proofs.

Technical indicators suggest THETA is oversold anytime now. The relative strength index shows that THETA is entering oversold territory. The THETA token moved just above the oversold zone and tried to hold, but now it looks like the tokan might enter the oversold territory to gain the final momentum of the uptrend.

MACD features the sideways momentum of THETA. However, the MACD line after crossing the signal line upwards approaches the signal line again to register a negative crossover.

Conclusion

The theta network price falls below a negative slope line and broke below the $1.50 level during the intraday trading session. THETA coin needs to hold above $1.00 and avoid falling further on the daily chart. THETA is facing some serious allegations about its existence these days and now is the time for THETA to prove itself.

Technical levels

Support Levels: $1.00
Resistance levels: $2.00

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.