Theta price forecast: further declines possible

The Theta price declined today as investors continued to worry about high interest rates and Elon Musk’s decision to stop Bitcoin payments. THETA is trading at $ 9.6835, which is about 40% below its annual high of $ 15.88.

The background: Theta is a blockchain project focused on the video industry. The aim of the platform is to decentralize the area of ​​video hosting and not to replace products like YouTube. It does this by allowing developers to create video products that are hosted by millions of people around the world.

A few months ago, theta was one of the top performing digital currencies as more and more people embraced the technology. However, in the past few weeks, price has struggled to find direction as demand subsided.

Like all digital currencies, theta fell in the overnight session as concerns about higher interest rates continued. It also fell after Elon Musk said his company wouldn’t accept Bitcoin. This was noteworthy as Tesla is the most famous company that accepts the currency. So what’s next for theta?

Theta price forecast

On the four-hour chart, we can see that theta has not had a clear direction for the past few weeks. The price fell sharply overnight and has reduced some of those losses. It’s also formed a large head and shoulders pattern, the neckline of which is $ 7.3158. The decline is also supported by the 50-day and 25-day exponential moving averages. While a possible rebound is possible, I suspect the price could fall soon and retest $ 7.3158 which is about 23% below current levels. This thesis becomes invalid if the price rises above $ 11.

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Theta diagram

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