Theta price analysis is bearish today.Strong resistance is found at $8.7.Strong support is found at $7.0.
The Theta price analysis is bearish for today as the coin is retracing after going as high as $8.20 yesterday, showing good performance and marking a monthly high. Even after the decline, Theta is still trading above the price threshold, which was set after the famous 7th September flash crash, when Theta fell from $9.2 to $7.0 and remained below the psychological $7 handle. Today’s price depreciation is also steep as the selling of Theta assets has gained momentum, intensifying with every passing hour.
THETA/US 1-day price chart: Coin price on a downslope
The 1-day price chart for Theta price analysis shows that the cryptocurrency price is falling continuously along with the broader crypto market, but due to yesterday’s aggressive bullish move, Theta is still reporting a gain of 14 percent over the last 24 hours, which seems to be diminishing with time, and also reports a gain of more than 15 percent over the past week. The trading volume is also high as trading was on the peak a few hours back with an increase of 259 percent in trading volume resulting in an improvement of market cap by 11.7 percent.
THETA/USD 1-day price chart. Source: Tradingview
The relative strength index (RSI) is trading on a downward slope at index 61, the RSI is still at a good score, but its movement curve indicates intense selling activity going on in the market.
The Volatility for THETA/USD is also high as the Bollinger bands show steep divergence, and Theta price is trading just above the upper limit of Bollinger bands which at $7.6 level represents support for Theta price. But this support might not persist as the selling pressure is high, and the support may falter soon as the circumstances are hinting at.
THETA price analysis: Recent developments and further technical indications
The 4-hour Theta price analysis shows a continuation of red candlesticks on the chart, and no bullish efforts have been observed to stop the price fall, as the market sentiment is negative today.
THETA/USD 4-hours price chart. Source: Tradingview
The selling pressure can also be seen on the 4-hour chart, as well as the RSI is on the downwards slope, and today it has dipped down into the neutral zone remaining in the overbought zone for 16 hours. The moving average (MA) is also below the price level at $7.5, and if the price drops below the MA, this will be a further bearish crossover. The price has fallen below the upper limit of the volatility indicator now, and the upper limit has turned into resistance on the 4-hour chart. Now the mean average of the indicator at $7.0 represents support for THETA/USD.
Due to the bullish momentum for the past few days, the technical indicators for THETA/USD are still bullish as around 15 technical indicators show buy signs and only two technical indicators show sell signs, and the remaining nine indicators stand neutral out of a total of 26 technical indicators.
THETA price analysis: Conclusion
The Theta price analysis suggests that the bullish Theta is retracing after marking a monthly high, and as the downfall is quite fast, there exist chances for it to turn bearish to a large extent, if not fully. Traders should assume Theta to continue downside for at least 16 coming hours. The Theta price may fall near $7.0.
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