THETA Technical Analysis: Another Fall Wave Before The Reversal

Many cryptocurrencies began their new fall wave in November 2021. However, the THETA cryptocurrency organized its fall wave even when it was not mainstream. After setting historical highs in April 2021, buyers decided to give up the global initiative and watch from the sidelines. It is from April 2021 on the weekly timeframe that can find a strong and stable downward trend. Though, while the global range of $4.38 was under the control of buyers – investors were not particularly concerned. In fact, this mark repulsed 4 attacks by sellers in 8 months. But, the 5th sellers’ attack hit the $4.38 range and lowered the THETA price by 40%. https://www.tradingview.com/x/VqXT3bGX/ However, there is a positive moment in this action. After the breakdown of $4.38 in mid-January, trading volumes in the THETA market increased significantly. Before this breakdown, such volumes in the weekly timeframe were rare and only in places of global price reversal. The increase in trading volumes at local highs indicates the probable beginning of a reversal of the fall. Though, are buyers ready to start active growth right now? On the weekly timeframe, you can see an attempt by buyers to take control of the $4.38 range. The result is two weekly candles with pins up. In our opinion, buyers have not yet collected enough positions to start a new trend. Therefore, we expect another wave of correction with a global target of $2.13. The first price stop, whi...