THETA resumes its downward trajectory in volatile trading as the current technical outlook signals that more pain lies ahead.
Since the start of 2021, THETA, the token linked to the video-streaming network Theta has been grabbing headlines for all the right reasons.
The network, which aims to revolutionize video-streaming and data delivery, has won plaudits from some serious industry heavyweights. With advisors like Google’s (GOOG) Steven Chen on board, it’s understandable why THETA attracted so much investor interest after its launch.
The meteoric price rise since the start of the year had seen THETA jump from a lowly $2.00 to a high of 16.699. This price action over the space of four short months saw the token break into the top 10 Cryptocurrencies by market capitalization.
THETA, unable to insulate itself from the recent bout of Crypto market volatility, has succumbed to heavy selling pressure, losing close to half its value in the last 2 weeks. Last week’s Cryptocurrency massacre saw THETA trade to a low of $7.233, tagging the support of an ascending trend line (from the March lows) before reversing sharply higher to finish the day back above the psychological $10.00 barrier.
The relief rally was short-lived. THETA is now back trading at $8.80, once again pointing lower. This revaluation now shows the token ranking as the 18th largest Cryptocurrency with a market cap of $8.85 Billion, according to CoinMarketCap.
THETA Price Forecast
With the price failing to break back into double-digits, the path of least resistance now looks to be lower. I expect the THETA price to re-test the ascending trend line support at $7.35 in the coming sessions.
Should this support fail, there remains a danger of a much deeper correction. In this scenario, we could retrace to levels last seen in March, around $4.00.
The short outlook becomes invalid if the price manages a recovery above $10.00.