- Theta decreased from a high of $ 7.28 to a low of $ 5.32 in Sunday’s intraday session
- The theta / BTC pair stands at 0.0001608 BTC, down 5.89% at the time of going to press
- The current price of theta is $ 5.43, which is down 16.56% over the past 24 hours
As expected in our previous analysis, the death transition will expose between 20 and 50 DMAs to THETA daily to the wrath of the bears. Apparently, the declining crossover projected a 52% downturn, violating the symmetrical triangle pattern. The breakout was linked to a giant red candlestick that took THETA to its March highs of $ 3.76.
In the meantime, the 200 DMA has proven its durability as a strong cushion for the bulls. However, it is likely that the bulls will face the bearish FIB 0.236 which is also at odds with the resistance provided by the pivot points.
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While the current price of THETA is trading in a strong accumulation phase, the retracement phase seems to have ended and bulls can expect an upswing at any moment.
The above statement can be reinforced by the fact that the stochastic RSI is on the cusp of maintaining a bullish crossover.
Regardless, on the condition that the price of THETA does not hold the 200 DMA. The bearish momentum could add to and re-examine the USD 3.76 support level.
The theta token predicts a bullish divergence on the 4-hour chart
THETA’s price movement on the 4-hour chart is constrained within the ascending triangle. Despite the bears’ impeccable efforts to maintain a bearish streak from rejecting critical resistance at $ 13.54. The 4 hour chart has dictated a bullish divergence on the RSI oscillator.
THETA’s 4-hour chart also highlighted that the $ 8.54 range-bound resistance is submerged with the 0.5 fib retracement. A bounceback from this particular level is eagerly awaited.
Still, the majority of technical indicators forecast a sell signal as shown by the moving averages. They are hovering above trend in all time frames.
In contrast, the MACD is (bearish) is about to make a bearish transition as the oscillator loses momentum in the positive territory.
If the bearish scenario persists, it is most likely that THETA will retest the support trendline and then seek a reversal.
SUPPORT: $ 2.21, $ 3.76
RESISTANCE: $ 6.83, $ 8.54, and $ 13.54