THETA Technical Analysis: Exodus of Sellers Threaten $3 Fallout 

The rising selling pressure teases a fallout to $3 in the THETA coin price with the crashing crypto market. Is it time to exit? Theta was co-founded by Mitch Liu and Jieyi Long in 2018. Liu has a long-standing history in the video and gaming industries. He co-founded the video advertising company Tapjoy, as well as the mobile social gaming company Gameview Studios and THETA.tv. It is the live streaming platform that’s the DApp which became the initial one to be developed using Theta protocol. Theta’s primary business idea is decentralizing data streaming, video streaming, and edge computing to make it more cost-effective, efficient, and fair to all participants in the industry. Let us move ahead to read about Theta Network’s technical analysis. Past Performance of THETA THETA coin price fell more than 30% in the past 72 hours resulting in the fallout of $4. Moreover, the falling prices break below the descending triangle mentioned in our previous article. The pattern fallout drives the prices lower to the $3 mark that may soon collapse under the extreme selling pressure. Therefore, traders can shortly find a selling opportunity. THETA/USD Daily Chart THETA Technical Analysis With a downfall of more than 20% in the past 24 hours, the THETA coin price heads lower to break the $3 mark. Moreover, the consecutive bearish candles formation indicates a rise in trend momentum and forms three black crows formations.  The falling crucial Simple Moving Averages (20, 50, 100, and 200) in the daily chart maintain a bearish alignment. The price descends under the bearish SMAs with the 20 and 50-day SMA providing dynamic resistance.  The MACD indicator shows a bearish takeover as the fast line crosses below the slow line in the daily chart. The histograms are yet to give significant movement, but the lines below the zero line suggest a bearish trend in action. The Momentum indicator at -1.16 shows an extremely bearish trend as the slope spikes below the zero line in the daily chart. The next possible support for the slope is at -1.75, which can push the slope higher.  In a nutshell, the technical indicators showcase a boom in the underlying selling pressure as the clouds darken over the crypto-verse.  Upcoming Trend The falling THETA coin price under extreme selling pressure may shortly break below the $3 mark. The breakout will bring an excellent selling spot for traders as the market takes a bearish route.  The price action shows the support levels present at $2.5 and $2 present below the $3 mark. However, if the bulls manage to find some momentum, the resistance at 20 and 50-day SMA will be hard to break above. At the time of writing, the technical analysis widget by TradingView gives a “STRONG SELL” for the THETA coin. Technical Analysis for THETAUSD by TradingView

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