THETA coin price fails to surpass the selling pressure at the resistance trendline resulting in a retracement to the $2.5 mark for the fifth time in 2022.

Key technical points:
<ul>
 	<li style="font-weight: 400">THETA price retests the $2.56 level.</li>
 	<li style="font-weight: 400">The downtrend continues under the bearish trendline influence. </li>
 	<li style="font-weight: 400">The 24-hour trading volume of Theta Network is $122 Million, marking a 30% rise. </li>
</ul>
<h2>Past Performance of THETA</h2>
THETA coin price has been trending lower under the highly influential resistance trendline resulting in the downfall of 70% from the inception. Furthermore, the 50-day EMA moves along with the resistance trendline, crushing multiple bullish attempts in the last few months. The price action fills the descending triangle pattern and hints of a breakout shortly.

<img src="https://s3.tradingview.com/snapshots/a/AsaDBFpG.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/AsaDBFpG/">Tradingview</a>
<h2>THETA Technical Analysis </h2>
THETA coin price continues to trend lower as it approaches the $2.56 support level. Moreover, the rising selling pressure evident by the higher price rejection hints of a bearish fallout that could break $2 to reach the $1.75 mark.

The constant rejection from the 50-day EMA after the death cross promotes the lower high formation with the increasing possibility of $2.56 fallout. However, on the opposite end, the breakout of 50-day EMA could initiate a price jump to the 200-day EMA accounting for a 40% jump. 

RSI Indicator: The RSI slope continues a slightly bearish but falt trend near the 50% line with the zig-zag moving 14-day SMA. Hence, the indicator remains neutral despite the weak bullish divergence present in the last two dips. 

MACD Indicator: The MACD and signal lines are merged below the zero line and continue the sideways trend. Furthermore, the histograms barely showcase a trend. Hence, the MACD indicator remains indecisive of the upcoming trend. 

In a nutshell, THETA technical analysis paints a slightly bearish image with the possibility of the $2.56 breakout.
<h2>Upcoming Trend </h2>
THETA coin price could reach $1.75 with the psychological level breakout at $2 as the selling pressure grows. However, closing above the resistance trendline will nullify the bullish thesis and could result in a bullish reversal to the $4.5 mark. 

Support Levels: $2.5 and $1.75

Resistance Levels: $3.8 and $4.5

THETA Technical Analysis: Trapped Momentum Caps, Teases Breakout

THETA coin price fails to surpass the selling pressure at the resistance trendline resulting in a retracement to the $2.5 mark for the fifth time in 2022.

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: Trapped Momentum Caps, Teases Breakout

Top Picks