- Theta diminished from a high of $7.28 to a low of $5.32 in Sunday’s intraday session
- The Theta/BTC pair is trailing at 0.0001608 BTC with a loss of 5.89% at press time
- The current price of Theta is $5.43 established on the back of a 16.56% decrease in the last 24 hours
As anticipated in our previous analysis, the death crossover between the 20 and 50 DMA on the daily frame will expose THETA to the wrath of bears. Apparently, the bearish crossover projected a downswing of 52% thus violating the symmetrical triangle pattern. The breakout was associated with an enormous red candlestick which disclosed THETA to its March highs at $3.76.
In the meantime, the 200 DMA has proven its consistency in acting as a powerful cushion for the bulls. However, the bulls are likely to face confrontation by the bearish FIB 0.236 which is also in confluence with the resistance as dictated by pivot points.
While the current price of THETA trades in a strong accumulation phase, it appears that the retracement phase has been terminated and bulls can expect a bounce-back any moment from now.The above statement can be reinforced by the fact that the stochastic RSI is on the threshold of entertaining a bullish crossover. Regardless, on the condition that the price of THETA fails to hold the 200 DMA. The bearish momentum could intensify and reinspect the $3.76 support level.
THETA TOKEN PROJECTS BULLISH DIVERGENCE ON THE 4-HOUR CHART
The price action of THETA on the 4-hour chart is restricted inside the ascending triangle pattern. Despite the impeccable efforts of the bears to maintain a bearish streak from the rejection of the critical $13.54 resistance. The 4-hour chart has dictated bullish divergence with respect to the RSI oscillator. The 4-hour chart of THETA also highlighted the range-bound resistance of $8.54 is submerged with the 0.5 Fib retracement. A bounceback from that particular level is much awaited. Nevertheless, the majority of the technical indicators have forecasted a sell signal as evidenced by the Moving Averages. They are hovering above the trend in all time frames.In contrast, the MACD (bearish) is on the verge of transpiring a bearish crossover with reference to the oscillator losing momentum in the positive territory.If the bearish scenario persists, THETA is most probable to retest the support trend line and subsequently head for a reversal. SUPPORT : $2.21, $3.76RESISTANCE : $6.83, $8.54 and $13.54