THETA Technical Analysis: Bears Look Strong, Expect Price to Fall Below $11.83

As per technical analysis, Theta Network is a blockchain-based video streaming platform. It is a decentralized network that facilitates bandwidth sharing and peer-to-peer review. It is a cost-effective ecosystem for content creators. THETA is the prime governance token of this network.

Past Performance

On April 1, 2021, the opening price of THETA was $12.39. As of April 7, 2021, the closing price of THETA was $12.29. Thus, in the past week, the THETA price has remained more or less neutral and experience only a slight decline. In the past 24 hours, THETA is trading between $11.83-$12.37.

THETA Price Analysis

https://www.tradingview.com/x/srmHEH0U/

Day-Ahead and Tomorrow

Currently, THETA is trading at $11.87. The price has decreased from the opening price of $12.29. Thus, the market looks bearish.

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The MACD and signal lines are negative. A bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Thus, the price is likely to go down further.

The OBV indicator has fallen steeply. Thus, selling volumes are much higher than buying volumes. Hence, heavy offloading activity is likely to exert downward pressure on the THETA price. We can expect the price to drop further.

Currently, the RSI indicator is at 38%. It has just rallied from the 30% mark. Selling pressures are still on the higher side. Hence, we can expect the price dip to continue.

THETA Technical Analysis

As per technical analysis, the price has fallen below the first Fibonacci pivot support level of $11.96. As of now, the bears look strong and hence we can expect the price to fall below the subsequent support level of $11.83 and $11.62, respectively.

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The price has tested and fallen below the 23.6% FIB retracement level of $11.96. The price may soon test and fall below the 23.6% FIB extension level of $11.70. Thus, the bearish forces seem strong. Hence, we can expect the price downtrend to continue today and tomorrow.

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