- The daily time frame chart shows a successful retest after the breakdown from a double top pattern.
- The THETA/BTC pair was trading at 0.0002063 BTC with a loss of 0.54%
- The current price of the THETA coin stands at $6.8, established on the back of a 6.87% decrease in the past 24 hours.
In the daily time frame, On Monday, the THETA coin shows a breakdown from the double top pattern having the neckline as $7.8; this level is a crucial support level as it also coincides with the 0.618 FIB level. Currently, the price retested the same level for a good resistance and got rejected with a bearish engulfing pattern. Thus, indicating a completion of this pattern which could plunge the price to $5.5 or more.
Regarding the EMA’s, the THETA coin is trading below the crucial EMA’s of 20, 50, and 100, 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, the price is getting some support from this line right now.
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 A Valid Descending Trendline In he 4hr Time Frame
The 4hr time frame chart of the THETA coin shows a reliable descending trendline, as the price has already respected this line three times and is expected to be an important level to be considered for any type of movement from this level.
The MACD indicator (BEARISH) shows a bearish momentum as both the MACD and signal lines move below the neutral zone(0.00). Also, the histogram shows some light green candles indicating some weakness in the bull’s strength.
Conclusion: From the technical perspective, the overall sentiment of the coin is bearish with no signs of reversal yet. And as mentioned above, the breakdown from the double top pattern in the daily timeframe has given a successful retest by accepting the $7.5 as good resistance; this could be a short opportunity for traders, as the price could move to $5.5 or lower.