•THETA/USD is currently priced at $2.59 and has decreased by 5.28% over the past day
•The trading volumes have increased by 13.86% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: Theta Token to hit the floor in the upcoming sessions
The Theta price today is $2.59 USD with a 24-hour trading volume of $166,151,103 USD. Theta Token is down 5.28% in the last 24 hours. The trading volumes have increased over the past day, whereas the Volume to Market Cap Ratio stands at 0.0641 for the altcoin.
After reaching its all time high of $15.90 on Apr 16, 2021, the price of the Theta Token has fallen significantly as a sell-off has accelerated across the crypto markets in recent days. Theta price shows a long-coming resistance trendline present at $3 that has crushed multiple bullish attempts in the past few weeks. The recent reversal from $2.6 propelled the prices higher and increased the chances of a bull run. However, the altcoin has fallen into a bearish well once again amid wider troubles prevailing in the cryptocurrency market. The altcoin is transacting below the 20,50 SMA on the four hour chart which may act as checks to the bullish growth. The continuation of the downtrend could push the price towards the support level placed all the way down at $2.
Long Term View for Theta
The RSI Indicator slope for Theta Token is currently transacting at 35.47 and shows a steep fall below the central line as it approaches the 14-day average. Therefore, the indicator reflects a significant fall in the underlying bullishness and suggests a downside towards the support level. The histograms continue to be red on the daily MACD chart which pose a hurdle to the bulls. The MACD and signal lines are transacting in the negative zone as well, with the gap widening between the two.
Conclusion
Theta price action in the past few days has increased the bearish momentum as multiple bearish candles with higher price rejection have developed on the daily chart. Therefore, the rising selling pressure could lead to the prices falling in the days ahead.
Support: $2.35-$2
Resistance: $3-$3.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.