THETA prices take a setback to the $1.15 support level increasing the possibility of a double bottom pattern formation. Should you expect a reversal?

Key technical points:
<ul>
 	<li style="font-weight: 400">THETA prices have fallen 11% in the last 24 hours.</li>
 	<li style="font-weight: 400">The RSI values surge in comparison to the previous dip at $1.17.</li>
 	<li style="font-weight: 400">The 24-hour trading volume of Theta Network is $93 Million. </li>
</ul>
<h2>Past Performance of THETA</h2>
THETA prices have maintained a falling trend within a bearish descending channel, resulting in a downfall of more than 70%. The descent breaches all the crucial EMAs and the psychological mark of $1.50 before taking support at $1.15. The bearish reversal forms an inverted rounding bottom pattern with a neckline at $1.15.

<img src="https://s3.tradingview.com/snapshots/q/qNWhbq6g.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/qNWhbq6g/">Tradingview</a>
<h2>THETA Technical Analysis </h2>
THETA prices showcase a failed bullish trend as the bearish influence grows. However, the slight possibility of a double bottom pattern stands at the $1.15 support level, but bulls must get a lower price rejection for a successful formation.

The crucial daily EMAs – 50, 100, and 200-days maintain a falling trend in a descending order providing dynamic resistance to keep the bullish growth in check.

This RSI continues to decline and then dips into the oversold area, while the 14-day SMA serves as a dynamic resistance. In the wake of this recent reverse, a move was made to test the average line that is above the line of oversold.

The MACD and the signal line are believed to be constrained to a handful of positive retracings, which result in a shrinking of the spread of bears. If investors anticipate an upward trend on positive histograms, the probability of a bullish cross increases.

In short, the THETA technical analysis depicts the possibility of a bullish reversal with a double bottom formation.
<h2>Upcoming Trend</h2>
Currently, the THETA prices revert to the $1.15 support level as the sellers overtake the trend control suddenly. However, the RSI divergence at the support level increases the possibility of a double bottom pattern. Nonetheless, the traders must wait till the prices break above the $1.50 to avoid a bull trap.

Support Levels: $1.15 and $1

Resistance Levels: $1.50 and $1.75

THETA Technical Analysis: Bullish Hope Sprouts Despite Downtrend

THETA prices take a setback to the $1.15 support level increasing the possibility of a double bottom pattern formation. Should you expect a reversal?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

THETA Technical Analysis: Bullish Hope Sprouts Despite Downtrend

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