THETA Technical Analysis: Bullish Hope Sprouts Despite Downtrend

THETA prices take a setback to the $1.15 support level increasing the possibility of a double bottom pattern formation. Should you expect a reversal? Key technical points: THETA prices have fallen 11% in the last 24 hours. The RSI values surge in comparison to the previous dip at $1.17. The 24-hour trading volume of Theta Network is $93 Million. Past Performance of THETA THETA prices have maintained a falling trend within a bearish descending channel, resulting in a downfall of more than 70%. The descent breaches all the crucial EMAs and the psychological mark of $1.50 before taking support at $1.15. The bearish reversal forms an inverted rounding bottom pattern with a neckline at $1.15. Source-Tradingview THETA Technical Analysis THETA prices showcase a failed bullish trend as the bearish influence grows. However, the slight possibility of a double bottom pattern stands at the $1.15 support level, but bulls must get a lower price rejection for a successful formation. The crucial daily EMAs – 50, 100, and 200-days maintain a falling trend in a descending order providing dynamic resistance to keep the bullish growth in check. This RSI continues to decline and then dips into the oversold area, while the 14-day SMA serves as a dynamic resistance. In the wake of this recent reverse, a move was made to test the average line that is above the line of oversold. The MACD and the signal line are believed to be constrained to a handful ...