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THETA Price Analysis: THETA price analysis is bearish for the next 24 hours

Chainlink Price Analysis

TL;DR Breakdown

  • THETA price analysis is bearish today as the price nears $5.20.
  • Strong resistance is found at $6.9.
  • Strong support is found at $6.1.

THETA price analysis for today indicates that the price is declining. The value broke below $5.5, and the THETA/USD pair was trading at $6.0 at writing, while the price has swung as low as $6.2 today. If the bearish trend continues, THETA could soon test the support level established at $5.2 on Wednesday, which would be yesterday’s support, followed by a robust barrier of $5.1.

The market opened today with the THETA price analysis at $5.8 and indicates that attempts to break through resistance at $6.0 and then recover value recovery. However, the recovery never came, as the bearish trend builds momentum against sell positions. The current position of THETA places it in a very precarious situation with regards to demand because if resistance at $5.4 fails to hold off bearish pressure, the price could slide down to $5.1, which is Wednesday’s low point for this cryptocurrency. As per yesterday’s update, strong support for this coin is found at $5.2, which was broken on Wednesday but has since recovered, and $5.1, which was breached on Thursday but has since recovered somewhat.

However, the most important of these support levels is that at $6.1, this point was tested on Friday and managed to hold strong during a significant fall of value for THETA/USD. Suppose the price manages to find footing above this level. In that case, we could see a recovery in value for this cryptocurrency because it would indicate sufficient demand for THETA and sufficient strength within buyers to push through with any bullish action. Also, if the price manages to break resistance at $8.2 or $7.9 through some bull pressure, we might be able to see another leg up in prices over the short term because those are two key levels that have not been tested in a while.

The bulls were in control for three days, but the bears have reclaimed their footing during this period. The prospects for a recovery are slim, but there has been some bullish movement recently; on balance, things appear to be more bearish for now.

THETA/US 1-day price chart: Coin price on a downslope

The 1-day THETA price analysis is bearish, with the price plummeting since the start of the day to 5.3. This has negatively influenced the whole THETA/USD pair value. The volatility is also increasing, which is bad news for bitcoin’s future and indicates that the moving average (MA) is located above $6.4 above the price level.

The Bollinger bands, a key factor for indication of volatility, are also expanding, which shows the increasing volatility with the upper band at the $8.3 mark and lower band at the $5.5 mark. The average of Bollinger bands is at the $6.9 mark above the price level, a further indication of the bearish trend. The relative strength index (RSI) is in the lower neutral range at 44.8.

THETA four-hour Price Analysis: Bulls trying to preserve the support of $5.3

The 4-hour THETA price analysis shows that bulls are trying to reverse the bearish momentum by preserving the support fount at $5.1 and seem to be successful in their endeavor. Though the price started sliding down at the start of the day and continued to slip down for a few hours, eventually, bulls came to the rescue and are providing enough support to stop the further price decline, as is evident by the last green candlestick on the hourly charts.

THETA price analysis: THETA in bearish grip, breaks below $5.2 2THETA/USD 4-hours price chart. Source: Tradingview

The technical indicators chart for THETA price analysis is also an absolute indication of bearish momentum, as 16 technical indicators are showing a sell signal out of 26 total indicators, and 10 indicators are neutral, leaving no indicators with a buy signal.

The moving averages are also on the selling side as 14 moving averages are showing sell signal, and one moving average is neutral, again leaving zero to show a buy signal. On the other hand, the oscillators are mostly neutral. Still, they indicate their inclination towards the selling side as two oscillators are on the selling side and none on the buying side, whereas nine oscillators are standing neutral.

THETA Price Analysis: Conclusion

The THETA price is dropping, with a loss of 0.15 percent. Bulls are attempting to halt the price’s further drop, but there is a chance that THETA will remain bearish for the next 24 hours.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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