Theta Price Analysis: Could THETA/USD recover to $8.5 today?

• Theta price analysis is slightly bullish today.
• For the most part, the market is stable around $7.33 today.
• The price of Theta has fallen from $8.52 to $7.3 in the last two days.
• For the next few hours, THETA/USD will fluctuate around $7.33
• After that, the resistance might take the strongerh old.

Our Theta price analysis shows that the market today is slightly bullish. However, the bulls are still struggling against the massive resistance recorded yesterday after the price fell straight from $8.52 to closing of $7.22. At the same time, new support was found at the $6.99 mark.

Cryptocurrency heat map by Coin360

Today, the entire market has a bullish sentiment. As the heat map shows, Bitcoin price and Ethereum marked an increase of 0.3 percent and 2.24 percent respectively. Though, Ripple trades in the reds.

Theta Price Chart by TradingView

Currently, our 1-day Theta price analysis shows a nearly stable RSI line at the 56.88 mark. The market right now shows a good balance. Furthermore, the MACD also shows no signs of an impending crossover, hence signaling stability over the next few hours.

If the bulls manage to increase the momentum, Theta could very well retrace yesterday’s fall. But as of yet, there is no such indication.

Theta 24-hour price movement

Theta Price Chart by TradingView

Exactly 24 hours ago, Theta was trading at $7.03 and currently, the price is fluctuating around the $7.3 mark. So, in the last 24 hours, Theta has not shown much recovery after falling from $8.52. Currently, the RSI line in the 24-hour graph is at 48, indicating a fair amount of stability.

However, we can see lines on the MACD indicator converging, with the histograms moving into the red zone. This might indicate the resistance in the current hour is increasing, which could again take over the bulls.

Currently, Theta has a market cap of $434,366,474.96, based on which it currently stays in the 28th spot.

Theta 4-hour price chart: Theta/USD may not retrace to $8.5 today

Theta Price Chart by TradingView

Currently, the resistance has a very stronghold, which is preventing the bulls from pushing the price above a certain level. The market, however, is balanced with the RSI at 52 on the 4-hour Theta price analysis chart.

Though, the MACD shows us histograms in the red with the lines converging, just like the 1-hour price chart. Considering this, one can say that Theta is not likely to retrace to $8.5 today. However, given the volatile nature of the crypto market, one never knows.

Theta price analysis: Conclusion

Overall, the Theta market is quite stable today while it leans slightly towards the bullish side. However, the momentum is not strong enough to push the price high enough. For now, the coin continues to fluctuate around the $7.3 mark and is expected to do so for the next few hours.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

   
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