THETA Technical Analysis: Sellers Bring Another Lower High Formation

THETA coin price fails to rise above the long-coming resistance trendline due to the dynamic supply area moving along the 50-day EMA. Key technical points: The THETA coin price breaks below $3. The resistance of 50-day EMA keeps the bullish growth in check The 24-hour trading volume in the Theta Network token is $256 Million, indicating a 26% fall. Past Performance of THETA THETA price shows a long-coming resistance trendline that has crushed multiple bullish attempts in the past few months. The 50-day EMA provides a dynamic barrier that moves along with the trendline. The recent reversal from $2.6 propelled the prices higher and increased the chances of a bull run. However, the price fails to surpass the resistance confluence aforementioned and retraces 12% in the past four days. Source-Tradingview THETA Technical Analysis THETA price retracing to the $2.6 increases the bearish momentum as multiple bearish candles with higher price rejection takes shape. Therefore, the rising selling pressure increases the chances of a $2.6 fallout. The EMAs are crucial for the daily trading project to be in bearish alignment with a negative slope. Furthermore, the continuous decline in the 50-day EMA suggests a large supply region which could soon push the price down to $100. Despite the recent bullish crossover, the MACD indicator shows a fall in the fast line. Hence, the fast line warns of a bearish crossover in the daily chart. This will ...