- The daily time frame charts highlight a breakdown from a double top pattern.
- The THETA/BTC pair was trading at 0.0002273 BTC with a loss of 5.85%
- The current price of the THETA coin stands at $17.45, established on the back of a 13.9% decrease in the past 24 hours.
In the daily time frame, the THETA coin shows a breakdown from the double top pattern having the neckline as $7.8; this level is already a crucial support level as we also have a 0.618 FIB level coinciding with it. If the price sustains below this level, we can expect the THEAT coin to reach $6.7 in the near term.
Regarding the EMA’s, THETA coin has recently breached the 20, 50, and 100 EMA altogether, indicating strong bearishness in the market. Also, if the price tries to move higher, these lines will act as a good resistance level. As for the 200 EMA, which is moving below price should provide strong support to the coin.
The RSI (BEARISH) value is at 41, indicating the bearish sentiment in the token. In addition, the RSI line is entering the overselling zone as the price moves lower, confirming the bearish momentum.
THETA coin shows breakdown from the tilted head and shoulder pattern
The 4hr time frame chart of the THETA coin showed a breakdown from the tilted head and shoulder pattern, and after a successful retest, the price gives a strong follow-through by moving lower and lower. Following the pattern, the THETA coin is expected to plunge to the $6 mark.
The MACD indicator (BEARISH) shows both the MACD line and the signal line has crossed the neutral zone and moved below it, confirming the strong selling after breaking the pattern mentioned above. The histogram also shows rising red bars indicates the strong bearish momentum
Conclusion: From the technical perspective, the overall sentiment of the coin is strongly bearish with no signs of reversal yet. As mentioned above about the breakdown from the double top pattern in the daily timeframe, which is yet to give a retest, investors can wait for the price to provide a retest to gain a better risk to reward.