Theta Price Prediction: THETA bears need to break $6.55 for conviction
|- THETA/USD extends Tuesday’s pullback towards convergence of 50-day SMA, 11-day-old support line.
- Normal RSI conditions, recent lower highs suggests further weakness.
- One-week-old rising trend line adds to the downside filters.
Theta sellers stretch recent pullback towards the sub-$7.00 area, currently down 1.0% around $6.95, during early Wednesday. In doing so, the cryptocurrency pair justifies the latest lower high pattern on the four-hour chart while staying below a downward sloping resistance line stretched from this Friday.
Given the normal RSI conditions favoring the extension of the quote’s latest weakness, THETA/USD is well on the road to battle a key support confluence around $6.55, comprising 50-SMA and an ascending support line from March 06.
Not only the $6.55 but a short-term rising support line, currently around $6.25, also challenges the Theta bears.
During the quote’s fresh recovery, clear trading above the $7.000 threshold becomes necessary to confront the weekly resistance line near $7.53.
However, any clear run-up beyond the same hurdle will not only challenge the latest record top around $8.05 but will also push the THETA/USD bulls toward the $10.00 threshold.
THETA/USD four-hour chart
Trend: Further weakness expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.