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THETA price analysis: THETA in bearish grip, breaks below $5.2

THETA price analysis THETA in bearish grip breaks below

TL;DR Breakdown

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

The THETA price analysis for today reveals THETA is on a downward trend. The price broke below $5.5, and THETA/USD pair is trading hands at $6.0 at the time of writing, while the price swang as low as $6.2 today. If the bearish trend continues, then THETA may soon retest the support present at $5.2, which is actually yesterday’s support, followed by the strong support of $5.1.

Bears have been maintaining their momentum for the past three days, and the price has decreased significantly over this time. The chances of recovery are quite low, but some bullish activity has been observed recently; overall, the environment seems to be more feasible for the bears.

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

The 1-day THETA price analysis is on the bearish side, as the price has dropped since the start of the day to the level of 5.3. This has cast a negative effect on the overall THETA/USD pair value. The volatility is also increasing, which is a negative sign for the current future of the cryptocurrency, and the moving average (MA) is at the $6.4 mark above the price level.

THETA price analysis: THETA in bearish grip, breaks below $5.2 1
THETA/USD 1-day price chart. Source: Tradingview

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 index 44.8.

THETA 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 few hours, eventually, bulls came to the rescue and are providing enough support to stop the further decline in price, as is evident by the last green candlestick on the hourly charts.

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

As can be seen on an hourly basis, volatility has also decreased a bit; with the upper Bollinger band at $6.8 and the lower band at the $6.1 mark, the average of Bollinger bands has come out at $6.4 above the price level. Moving average (MA) is also hovering above the price level and is present at the $5.3 mark. The RSI is still in the bearish zone at a score of 42.8 and increasing slowly, indicating the bullish attempt of current hours.

THETA price analysis: THETA in bearish grip, breaks below $5.2 3
THETA/USD technical indicators 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. The oscillators, on the other hand, are mostly neutral but clearly indicating 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 daily and hourly THETA price analysis shows the cryptocurrency is on the decline as the price has gone down with a loss of 0.15 percent today. Furthermore, bulls are trying to stop the further decline, but there are chances of THETA to 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.
Mary Brenda

Mary Brenda

I'm a content marketer with interests in emerging niche including Blockchain, Cryptocurrency, Esports, Video games and other tech. I've previous worked with a variety of clients, such as ASUS ROG, BitcoinBink, ESL India, OMEN by HP, Red Bull and more.

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