Archived Article This article was published more than 5 months ago. The market data, prices, forecasts, and analysis were accurate at the time of publication but may have changed since then. Please use this article for historical reference only and refer to our latest content for current market information.
- 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.
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.
THETA price chart
Follow Elliott on Twitter.