THETA Technical Analysis: Correction Grows To Challenges $2 Fallout

The THETA coin price action continues the correction phase with a breakout of lower lows and multiple support levels. Will this trend break below $2? Under the influence of a highly bearish resistance trendline, the THETA coin price continues to create the lower low formation. The correction rally breaks below the $3 and $2.5 marks resulting in the start of another lower low figure that threatens the breakout of $2. Will the bears breach the $2 mark? Key technical points: THETA coin price fails to surpass the 50-day EMA. The altcoin price breaks below the low of $2.50. The 24-hour trading volume in the Theta Network token is $343 Million, indicating a 38% rise. Past Performance of THETA The THETA token price showed a bullish attempt to surpass the 50-day EMA after creating a low on the $2.5 horizontal level. However, the prices failed to sustain above the 50-day EMA as the sellers-driven trendline crushed the bullish rally. The downfall breaks below the low of $2.5 and continues the approach to create another low at $2. Source-Tradingview THETA Technical Analysis The THETA coin price shows an increase in selling pressure evident by the 40% jump in the trading volume. Hence, the possibility of a $2 breakout is significantly more than the bottom creation at $2. The crucial 50, 100, and 200-day EMAs continue to trend lower in a downtrend with a bearish alignment as the 50-day EMA provide an active barrier. Hence, the EMAs are exp...