<em><strong>The THETA prices retrace from the $1.72 mark to retest the range breakout. Will this retest result in a successful bullish reversal?</strong></em>
<h3>Key Technical Points:</h3>
<ul>
 	<li>The Theta Network price dropped by almost 10% in the last 36 hours, dropping to $1.50.</li>
 	<li>The price drop increases the doubt about the bullish crossover of the 50 and 100-day SMA.</li>
 	<li>With a market cap of $1.50 billion, the intraday trading volume of Theta Network has decreased by 89% over the last 24 hours to reach $82.47 million.</li>
</ul>
<h3>Past Performance of THETA</h3>
As warned in our <a href="https://www.cryptoknowmics.com/news/theta-technical-analysis-extended-uptrend-fuels-breakout-rally/" target="_blank" rel="noopener">previous analysis</a>, the THETA prices reached the overhead resistance at $1.73, but the increased supply inflow resulted in a bearish turnaround. The overnight price drop of 5.95% in Theta Network prices resulted in a bearish engulfing candlestick and retests the psychological mark of $1.50. However, the retracement comes as the retest of the broken consolidation range teasing a potential bullish reversal.

<img src="https://s3.tradingview.com/snapshots/b/bGxt7Ql1.png" alt="TradingView Chart" />

Source - <a href="https://www.tradingview.com/x/bGxt7Ql1/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>THETA Technical Analysis</h2>
The THETA technical chart displays the daily candle forming a tail and avoiding a drop below the $1.47 horizontal level. Hence, traders hoping to ride a fallout should wait for a candle to close below $1.47. As the market price falls, the possibility of a bullish crossover between the 50 and 100-day SMA decreases due to the increased supply pressure.

The daily-RSI slope dips in the nearly overbought zone and cracks below the 14-day average line. Hence the technical indicators display an increase in the underlying bearish sentiments.

Moreover, the MACD indicator displays a decrease in the bullish gap between the MACD and signal lines, warning of a bearish crossover possibility.

In a nutshell, the THETA technical analysis keeps an overall neutral viewpoint as the possibility of a reversal from $1.50 stands.
<h2>Upcoming Trend</h2>
If the THETA prices take a bullish turnaround from the $1.50 mark, a lateral trend is possible with the $1.75 mark as the overhead resistance.

However, a bearish continuation will test the 1000-day SMA near the $1.35 mark before reaching the psychological mark of $1.

Resistance Levels: $1.73 and $2

Support Levels: $1.50 and $1.35

THETA Technical Analysis: Price Drop To $1.5 Teases Bullish Reversal

According to the technical analysis, THETA prices retrace from the $1.72 mark to retest the range breakout. Will this result in a bullish 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: Price Drop To $1.5 Teases Bullish Reversal

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