THETA Technical Analysis: Selling Spree Warns 20% Fall in Theta Prices

The THETA price action shows a correction phase dangering the security of the $1 support level as the selling pressure increases. Key Technical Points: The market price dropped by 25% last week. The downfall below the 50-day EMA nullifies the bullish crossover possibility. With a market cap of $1.21 billion, the intraday trading volume of Theta Network has increased by 33.40% to reach $62.61 million. Past Performance of THETA The Theta Network (THETA) price action shows a bullish failure to rise above the $1.73 level and sustain above 100-day EMA due to the increased supply pressure. The correction phase breaks below the 50-day EMA and accounts for a 25% price drop last week, with a streak of seven bearish candles. Therefore, the analysis projects a high possibility of a price drop to $1 as the selling price increases. Source – Tradingview THETA Technical Analysis The THETA prices may soon reach the crucial psychological support of $1 as the downtrend gains momentum. Hence traders can find selling opportunities at the current market price. As the prices fall below the 50-day EMA, the possibility of a bullish crossover between the 50 and 100-day EMA nullifies. The daily RSI slope displays a tremendous upsurge in the underlying bearish sentiments as RSI falls into the nearly overbought zone. As the bearish histograms intensify, the MACD indicator signals a selling opportunity with the recent bearish crossover. Hence the technica...