The Theta price prediction for today shows an asset that is struggling to maintain the rally it saw in recent weeks. Theta appears in danger of being left behind as bullish momentum seems to have dried up below $12.
THETA/USDT saw double-digit gains in recent weeks, taking Theta from a status of a little-known cryptocurrency to a force to contend with, backed by a healthy $13 billion valuation. However, with very little to drive the asset price further and traders looking like they want to take profits to reinvest elsewhere, the Theta project is struggling to convince these traders to do otherwise.
Technical Outlook for Theta
The Theta price prediction for the THETA/USDT pair is performed on the daily chart, where there are signs of price exhaustion showing up.
Following the 12.00 psychological support breakdown, the attempts by price at recovery beyond this point have stalled. Price rejection at 12.00 occurred in the form of a pullback on the 3 May daily candle, with subsequent bearish moves this Tuesday by 5.31% to send the pair towards the 10.42 support level, where price appears to have found support.
If this support holds, THETA/USDT may be range-bound between 10.42 below and 12.00 above, allowing for range-trading opportunities. A breakdown of this range to the south brings potential downside targets at 10.12 (23.6% Fibonacci retracement from the swing high of 16 April to the swing low of 25 April), 9.00 and 8.00 (11 March high, 20 March low).
On the flip side, price recovery on THETA/USDT depends on bulls forcing a break of 12.00 (50% Fibonacci retracement). This would allow for a push towards 12.51 (61.8% Fibonacci retracement), 14.00, and potentially the 15.02 (24 March/17 April high) price levels.