THETA Forms Descending Channel As Bulls Attempt a Bullish Break
-THETA has fallen nearly -12% over the last week
-Prices have formed a descending channel
-THETA is being rejected by the 100MA
Theta Token had an amazing start to the year as prices exploded nearly 1000% at its all time high of $15. Since the market downfall that occurred from May to July, THETA has had much trouble regaining the levels it previously traded at. THETA has a unique use case as its blockchain was built specifically regarding video streaming. This project aims to shake up the video streaming industry as in its current form is highly centralized & costly. THETA aims to speed up with this industry with decentralization & surely is the leading project aiming to tackle this industry.
Throughout the last month, THETA has been stuck in an overall downtrend while many other coins have sprouted to new all time highs. This price movement has formed a descending channel that price has respected very well besides its false breakout which occurred from September 5th - September 7th. Bulls & bears have equally defended each trend as price continues to stay within this channel. For THETA to experience a bullish breakout, bulls must break & hold the current resistance zone found from $6.86-$7.25.
Along with this major resistance zone lies the 100 MA which has acted as resistance for over a week now. If bulls manage to break & hold both of these marks, price will then be free for a push to $7.97 at minimum. In the case bears assert more dominance & reject this potential breakout, expect price to stabilize at the major support of $6.35. If this level fails to hold, price will then fall to the next major support of $5.69. This support also lines up with the bottom trend of the channel & is the last place THETA can fall to before breaking its structure.
While looking at the Stochastic RSI, we can see strength just got rejected within its overbought territory. Strength is now heading down to the oversold zone but may turn back around if it manages to hold the 50 value. Anything below the 50 value will land price back to its next major support. The MACD is now curling over & seems to be getting ready for a bearish cross on the MA’s. If the histogram begins ticking red, expect THETA to have a further downfall.
THETA Intraday Analysis
Spot rate: $6.61
Trend: Bearish
Volatility: Medium
Support: $6.31
Resistance: $6.86
-Prices have formed a descending channel
-THETA is being rejected by the 100MA
Theta Token had an amazing start to the year as prices exploded nearly 1000% at its all time high of $15. Since the market downfall that occurred from May to July, THETA has had much trouble regaining the levels it previously traded at. THETA has a unique use case as its blockchain was built specifically regarding video streaming. This project aims to shake up the video streaming industry as in its current form is highly centralized & costly. THETA aims to speed up with this industry with decentralization & surely is the leading project aiming to tackle this industry.
Throughout the last month, THETA has been stuck in an overall downtrend while many other coins have sprouted to new all time highs. This price movement has formed a descending channel that price has respected very well besides its false breakout which occurred from September 5th - September 7th. Bulls & bears have equally defended each trend as price continues to stay within this channel. For THETA to experience a bullish breakout, bulls must break & hold the current resistance zone found from $6.86-$7.25.
Along with this major resistance zone lies the 100 MA which has acted as resistance for over a week now. If bulls manage to break & hold both of these marks, price will then be free for a push to $7.97 at minimum. In the case bears assert more dominance & reject this potential breakout, expect price to stabilize at the major support of $6.35. If this level fails to hold, price will then fall to the next major support of $5.69. This support also lines up with the bottom trend of the channel & is the last place THETA can fall to before breaking its structure.
While looking at the Stochastic RSI, we can see strength just got rejected within its overbought territory. Strength is now heading down to the oversold zone but may turn back around if it manages to hold the 50 value. Anything below the 50 value will land price back to its next major support. The MACD is now curling over & seems to be getting ready for a bearish cross on the MA’s. If the histogram begins ticking red, expect THETA to have a further downfall.
THETA Intraday Analysis
Spot rate: $6.61
Trend: Bearish
Volatility: Medium
Support: $6.31
Resistance: $6.86