- The Relative Strength Index is falling in favor of bears.
- THETA / BTC is trading at 0.0001373 BTC with an intraday change of -4.20% while the THETA / ETH pair is trading at 0.001905 eth with an intraday loss of 1.50%.
- The theta token could fall in the near future considering all of the analysis performed below.
THETA token trades below all significant 50, 100 and 200 day moving averages. This suggests a bearish sentiment, even though the price holds the $ 5.916 level. The 100-day moving average crosses the 50-day moving average down, which could lead to a further decline in prices.
The Fibonacci indicator is suggesting immediate support at $ 5.916. If price fails to hold this level, we could see a decline to the nearest support at the $ 5.00 price level indicated by the Fibonacci. The $ 6,650 is the immediate resistance, with $ 7,388 being the closest resistance as per the Fibonacci indicator.
The Relative Strength Index (RSI) also suggests bearish momentum, where it is sliding down from the neutral zone. The RSI could hit the overbought territory in the near future, with most indicators favoring the bears.
The Moving Average Convergence Divergence (MACD) also refers to a bearish momentum. The MACD line has crossed the signal line from top to bottom and is very close to the zero line, which indicates selling pressure in the market. Therefore the histogram also shows red bars!
Note: MA 50 = yellow color
MA 100 = white color
MA 200 = red color
MACD line: Blue color
Signal line: Red color
The important support and resistance to look for are:
Support: $ 5,916 and $ 5.00
Resistance: $ 6,650 and $ 7,388
Conclusion: all the indicators we used for the analysis speak in favor of bears. Hence, we could see the theta price drop in the near future. The important support and resistance levels mentioned above will be the crucial levels to look out for.
By: Tinku Hazarika