THETA Technical Analysis: Price Drop To $1.5 Teases Bullish Reversal

The THETA prices retrace from the $1.72 mark to retest the range breakout. Will this retest result in a successful bullish reversal? Key Technical Points: The Theta Network price dropped by almost 10% in the last 36 hours, dropping to $1.50. The price drop increases the doubt about the bullish crossover of the 50 and 100-day SMA. With a market cap of $1.50 billion, the intraday trading volume of Theta Network has decreased by 89% over the last 24 hours to reach $82.47 million. Past Performance of THETA As warned in our previous analysis, the THETA prices reached the overhead resistance at $1.73, but the increased supply inflow resulted in a bearish turnaround. The overnight price drop of 5.95% in Theta Network prices resulted in a bearish engulfing candlestick and retests the psychological mark of $1.50. However, the retracement comes as the retest of the broken consolidation range teasing a potential bullish reversal. Source – Tradingview THETA Technical Analysis The THETA technical chart displays the daily candle forming a tail and avoiding a drop below the $1.47 horizontal level. Hence, traders hoping to ride a fallout should wait for a candle to close below $1.47. As the market price falls, the possibility of a bullish crossover between the 50 and 100-day SMA decreases due to the increased supply pressure. The daily-RSI slope dips in the nearly overbought zone and cracks below the 14-day average line. Hence the technical i...