- THETA token prices are struggling to rise above the resistance trendline on the daily chart despite the V-shaped rebound.
- The 50-day EMA opposes bullish growth with the recent death cross.
- The THETA / BTC pair is trading at 0.0001467 BTC, with a -2.32% intraday decline.
The price of the THETA token has been falling for some time before reaching the support at $ 4. The horizontal support helped the bulls gain some strength, pushing the price up, causing a sharp rebound that led to the V-shaped price action.
Nonetheless, the price is struggling to break above the solid resistance trendline again and could revert to the support trendline shortly. The possibility of a bullish breakthrough is slim, however, something investors should look out for in today’s volatile market.
Currently, the THETA token price is $ 5.73 per write time, with intraday trading volume down 14.75%. Additionally, the token’s market capitalization has increased 4.55% over the past 24 hours. Hence, the decline in market capital with a decline in trading volume projects a bear attack.
Reversal of the THETA token price
THETA token price could be temporarily pushed down by the resistance trendline which is moving in conjunction with a significant range of supply. As a result, the token price could drop to $ 4 or lower and cause a breakout from the horizontal levels.
The price action analysis of the THETA price chart shows that token price levels could encounter resistance at $ 6.5-8 levels if price moves above the resistance trend line. However, in the event of a reversal, horizontal levels of $ 5 or $ 4 could help halt the decline.
The Relative Strength Index, also known as the RSI line, tends to be neutral.
The ADX indicator predicts a decrease in trend dynamics.
graduation: THETA coin prices are struggling to break above the resistance trendline. Investors could see the price return to the $ 4 support level for a short time. However, the slim chances of a bullish breakout are still true and need to be considered before entering the trade.
Support- $ 5 and $ 4
Resistance- $ 6.5 and $ 8
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