THETA Technical Analysis: Will Theta Drop Back To $1?

The technical analysis shows how THETA prices exceed a consolidation range and the 100-day SMA. But, will this breakout rally sustain in the correcting market? Key Technical Points: The THETA prices are up by 6.41% in the last 24 hours. The daily candle shows long-wick formation as it fails to sustain above the $1.50 mark. The 24-hour trading volume of Theta Network is $154 million, indicating a hike of 88%. Past Performance of THETA The THETA price action displays a consolidation range between the psychological mark of $1 and $1.46 in the daily chart. The lateral shift in the price trend started after the downfall last summer and has kept the momentum trapped for almost three months. However, the recent bull run gave a price closing above the $1.46 resistance level, but the increased selling pressure above $1.50 led to a bearish downfall. Source – Tradingview THETA Technical Analysis The THETA price chart shows the daily candle failing to sustain about the $1.46 resistance level and continues to drop. Currently, the daily candle shows a 4% price drop with an increase in trading volume that warns of a downtrend continuation within the consolidation range. Despite the recent correction and 4% drop today, the bullish influence over the 50 SMA grows as the market price is near the 100 SMA. The RSI slope maintains a gradual uptrend and sustains above the 14-day SMA in the nearly overbought zone. Moreover, the MACD and signal line ...