|

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

Author

Anil Panchal

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

More from Anil Panchal
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Ripple faces persistent bear risks, shrugging off ETF inflows

Ripple is extending its decline for the second consecutive day, trading at $2.06 at the time of writing on Friday. Sentiment surrounding the cross-border remittance token continues to lag despite steady inflows into XRP spot ETFs. 

Luna Classic soars 20% as Do Kwon's sentence hearing looms

Luna Classic surges 20% on Friday, extending its recovery for the fourth consecutive day. Roughly 959 million tokens have been burned in December so far, fueling LUNC's recovery.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000. 

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.