Despite a good performance in the weekly timeframe, Theta coin is suffering in the daily timeframe. At the time of writing, the cryptocurrency stands at a price of $5.78. The price of the coin has declined by 5% in the past twenty-four hours while the weekly gain is at 30%. The daily trading volume of the cryptocurrency has fallen by 40%. Theta coin’s daily price movements have been becoming relatively stable.
Technical analysis
The market sentiment for Theta is neutral. Whether it will move to bullish or bearish is yet to be confirmed. Nine of the total twenty-six technical indicators are giving out an indication of buy and nine are standing at a neutral position. The rest – eight – indicators are bearish with a sell signal.
Theta coin had been operating in a descending channel formation after the peak of the 2021 bull run. The bears had been dominating the market so far. The recent bullish trend in the market resulted in Theta breaking the resistance at the upper boundary of the channel. However, the bulls have slowed down and Theta coin could not sustain above the resistance line. Currently, the cryptocurrency appears to be moving back inside the channel. A trader has also identified various supporting and resistance levels for the cryptocurrency which could prove to be crucial for its future trajectory. The immediate resistance lies at $5.88 followed by $6.47 while the support can be found at $5.26 followed by $4.38.
Theta price prediction
The future outlook for Theta is bullish. According to the estimates of Wallet Investor, the cryptocurrency will be trading at a price level of $15 in a year’s price and the five-year projection is at $51. Digital Coin Price is also optimistic for it’s future; although, not as much. Per their estimates, the cryptocurrency will end the year with a price of $8.73 and reach towards $25 by 2028.
