The Theta price chart has been a sea of red for the last 12 days. Theta has closed higher just twice during this destructive period. Sadly it can get worse.
Theta is trading at $4.323, down $0.1126 (-2.54%)
On July 13th, I warned, “Buyers prepare for THETA price sale”. Unfortunately, so far, I have been proved right.
There really isn’t much in the way of positive indicators for Theta. The chart paints a distressing picture for the bulls. After breaking below a significant supportive trendline, the price has succumbed to a wave of selling, driving its valuation 25% lower.
Furthermore, the latest decline is about to trigger yet another bearish indicator.
Theta Technical Outlook
The daily chart shows that the 50-day moving average at $7.132 will soon unite with the 200 DMA at $6.8600. And if the 50 crosses below the 200, a ‘death cross’ signal will indicate more price weakness to follow.
Therefore, I see no reason to alter my $2.60000 price target. Moreover, my bearish conviction has only been reinforced by the Theta price performance.
Of course, this may not be a straight line. But as long as Theta remains below the support-turned-resistance of the trend line at $6.5000, lower looks likely.
Don’t miss a beat! Follow us on Telegram and Twitter.
THETA price chart
Follow Elliott on Twitter.