The THETA coin price action continues the correction phase with a breakout of lower lows and multiple support levels. Will this trend break below $2?

Under the influence of a highly bearish resistance trendline, the THETA coin price continues to create the lower low formation. The correction rally breaks below the $3 and $2.5 marks resulting in the start of another lower low figure that threatens the breakout of $2. Will the bears breach the $2 mark?
<h2>Key technical points:</h2>
<ul>
 	<li style="font-weight: 400">THETA coin price fails to surpass the 50-day EMA.</li>
 	<li style="font-weight: 400">The altcoin price breaks below the low of $2.50. </li>
 	<li style="font-weight: 400">The 24-hour trading volume in the Theta Network token is $343 Million, indicating a 38% rise. </li>
</ul>
<h2>Past Performance of THETA</h2>
The THETA token price showed a bullish attempt to surpass the 50-day EMA after creating a low on the $2.5 horizontal level. However, the prices failed to sustain above the 50-day EMA as the sellers-driven trendline crushed the bullish rally. The downfall breaks below the low of $2.5 and continues the approach to create another low at $2.

<img src="https://s3.tradingview.com/snapshots/l/LzpsD11o.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/LzpsD11o/">Tradingview</a>
<h2>THETA Technical Analysis </h2>
The THETA coin price shows an increase in selling pressure evident by the 40% jump in the trading volume. Hence, the possibility of a $2 breakout is significantly more than the bottom creation at $2.

The crucial 50, 100, and 200-day EMAs continue to trend lower in a downtrend with a bearish alignment as the 50-day EMA provide an active barrier. Hence, the EMAs are expected to resist the upcoming bullish attempts. 

The RSI Indicator slope continues the fall after a sharp rise within the nearly oversold zone, indicating a bearish continuation. The RSI slope may shortly reach the oversold area below the 30% mark, increasing short-term reversal chances. 

The MACD indicator shows the fast line failing to sustain above the zero value while the slow line fails to surpass it. Thus, the lines give a bearish crossover and continue the downtrend below zero. 

In a nutshell, the THETA technical analysis proposes the bears will propel the prices to the $2 mark.
<h2>Upcoming Trend</h2>
The THETA coin price may shortly reach the $2 mark, but the thesis of a breakdown trend will be confirmed with price action. The RSI indicates the possibility of a reversal, but the 50-day EMA may check the bullish growth. Hence, the upcoming trend seems bearish till the prices reach the $2 mark. 

Support Levels: $2 and $1.73

Resistance Levels: $3 and $3.5

THETA Technical Analysis: Correction Grows To Challenges $2 Fallout

The THETA coin price action continues the correction phase with a breakout of lower lows and multiple support levels. Will this trend break below $2?

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: Correction Grows To Challenges $2 Fallout

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