<em><strong>The THETA price action shows a correction phase dangering the security of the $1 support level as the selling pressure increases.</strong></em>
<h3>Key Technical Points:</h3>
<ul>
 	<li>The market price dropped by 25% last week.</li>
 	<li>The downfall below the 50-day EMA nullifies the bullish crossover possibility.</li>
 	<li>With a market cap of $1.21 billion, the intraday trading volume of Theta Network has increased by 33.40% to reach $62.61 million.</li>
</ul>
<h3>Past Performance of THETA</h3>
The Theta Network (THETA) price action shows a bullish failure to rise above the $1.73 level and sustain above 100-day EMA due to the increased supply pressure. The correction phase breaks below the 50-day EMA and accounts for a 25% price drop last week, with a streak of seven bearish candles. Therefore, the analysis projects a high possibility of a price drop to $1 as the selling price increases.

<img src="https://s3.tradingview.com/snapshots/2/2kyy4JMA.png" alt="TradingView Chart" />

Source - <a href="https://www.tradingview.com/x/2kyy4JMA/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>THETA Technical Analysis</h2>
The THETA prices may soon reach the crucial psychological support of $1 as the downtrend gains momentum. Hence <a href="https://www.cryptoknowmics.com/news/why-is-it-important-for-traders-to-understand-crypto-reset-time/" target="_blank" rel="noopener">traders</a> can find selling opportunities at the current market price. As the prices fall below the 50-day EMA, the possibility of a bullish crossover between the 50 and 100-day EMA nullifies.

The daily RSI slope displays a tremendous upsurge in the underlying bearish sentiments as RSI falls into the nearly overbought zone. As the bearish histograms intensify, the MACD indicator signals a selling opportunity with the recent bearish crossover. Hence the technical indicators maintain a bearish bias for the upcoming trend.

In brief, the THETA Technical analysis projects a high likelihood of a downtrend crossing under the psychological mark of $1.
<h2>Upcoming Trend</h2>
THETA prices can reach the bottom of $0.82 if the buyers fail to assert dominance at the crucial level of $1. However, a bullish reversal from $1 can retest the fallout of $1.45.

Resistance Levels: $1.45 and $1.73

Support Levels: $1 and $0.82

THETA Technical Analysis: Selling Spree Warns 20% Fall in Theta Prices

The THETA technical analysis shows a correction phase dangering the security of the $1 support level as the selling pressure increases.

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: Selling Spree Warns 20% Fall in Theta Prices

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