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Theta Network Price Analysis: Theta is yet to recover massively, but price action is still inside a bearish pattern

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Theta Network Price Analysis: Theta is yet to recover massively, but price action is still inside a bearish pattern

  • Thera price is still consolidating in a descending pattern on the daily price chart despite bullish facts.
  • Theta price has recovered around 15% of its cost this week but is still below the red moving line of the Supertrend indicator.
  • Theta coin with bitcoin pair is trading up 1% at 0.00004621 satoshis.

Theta Network investors continue to lose their grip on the altcoin price as price action slips inside a falling wedge pattern on the daily price chart. Meanwhile, theta token was trading at $1.39 at the time of writing.

During the downtrend, price action thus reflects a selling opportunity in each rise, so investors lost nearly 93% from an all-time high of $15.8 to a 52-week low. Now the bulls are barely attempting to bounce back while defending costs above the 52-week low.

Theta Network Price Analysis: Theta is yet to recover massively, but price action is still inside a bearish pattern

Source: THETA/USDT by Tradingview 

In terms of the daily price chart, theta price is moving towards the red signal line of the Super Trend indicator, buyers will need to deposit theta coin to propel the altcoin price above this sell zone indicator.

Meanwhile, according to CMC data, the market is down 1.8% in the last 24 hours to go below $1.4 billion. Moreover, the theta coin with bitcoin pair is trading up 1% at 0.00004621 satoshis.

Buyers are forming an important support area at the conceptual round level of the $1.0 mark. However, the trading volume is gradually increasing, thus increasing the trading volume by about 15% compared to the previous night.

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Which is the correct signal – RSI or MACD?

Theta Network Price Analysis: Theta is yet to recover massively, but price action is still inside a bearish pattern

Source: THETA/USDT by Tradingview 

The daily RSI indicator remains below the semi-line (50 mark) after it failed to manage to peak above this area. On the other hand, MACD continues to move higher after a bullish crossover.

Conclusion

The RSI and MACD indicators cause a bit of confusion among Theta traders. The RSI indicator is trending downwards against the ongoing bounce-back. Hence buyers should wait for the confirmation of the directional trend.

Resistance level- $1.5 and $2.0

Support level- $1.0

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.


Source: ethereum.today

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