Theta Price Prediction: THETA bulls could vanish as multiple time frames flash ‘sell’

  • Theta price faces stiff resistance from the 161.8% Fibonacci extension level at $11.34.
  • Momentum Reversal Indicator (MRI) has flashed a “preemptive top” signal, suggesting that the rally might be coming to an end.
  • A decisive daily candlestick close above $11.34 could invoke a bullish scenario for THETA.

Theta price rally might come to an end soon as it approaches a significant resistance zone combined with a sell signal.

Theta price approaches overhead barrier

Theta price has increased 300% in less than a month. However, this bull run could be coming to an end as THETA is nearing another crucial point in its upswing, the 161.8% Fibonacci extension level at $11.34.

The MRI indicator flashed a “preemptive top” in the form of a yellow down arrow on the 1-day and the 1-week chart. This setup forecast a one-to-four candlestick correction. 

Therefore, a combination of the 161.8% Fibonacci extension and the MRI indicator’s “top” signal could play a critical role in putting an end to THETA’s bull rally.

If the correction were to playout, Theta price could retrace 15% to $9.2. An overwhelming bearish pressure could extend this pullback by another 9% to $8.30.

THETA/USDT 1-day, 1-week chart

THETA/USDT 1-day, 1-week chart

On the flip side, investors need to understand that sell signals tend to go bust in a strong bull trends. Moreover, the MRI’s sell signal is “preemptive” and has a chance of going bust.

If this were to happen, then Theta price could quickly surge past the $11.34 barrier coinciding with the 161.8% Fibonacci extension level. A decisive close above this point could see Theta price ascend 41% to 200% Fibonacci extension level at $16.01.

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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Cardano Price Forecast: ADA braces for a test of $2 amid a potential bull pennant

Cardano (ADA/USD) is extending its recovery this Sunday after a sharp sell-off witnessed a day before. ADA/USD charts a bull pennant on the 12H chart.  A test of the $2 mark appears inevitable if the bullish pattern is confirmed. RSI has regained upside momentum, well above 50.00.

More Cardano News

XLM Price risks further falls towards $0.53 amid double top reversal

XLM/USD is falling for the third straight day on Sunday. $0.53 support appears at risk after the double top reversal on the 1D chart. RSI points south towards the midline as the XLM price eases from record highs.

More Stellar News

Dogecoin: Defending 21-DMA is critical after Musk calls it a ‘hustle’

Elon Musk's appearance on 'SNL' throws DOGE under the bus. DOGE/USD extends sell-off into Sunday, hitting five-day lows. DOGE bulls remain hopeful as 21-DMA support holds, with RSI still bullish.

More Dogecoin News

Ethereum bulls gather strength for a sustained break above $4000

Ethereum bulls take a breather after Saturday’s $500 rally to record highs. The No. 2 coin eyes additional upside after rising wedge breakout on the 4H chart. RSI is in the overbought region, dip buying to keep the uptrend intact.

More Ethereum News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast