THETA, a blockchain platform with a focus on decentralised video streaming, is currently trading within a descending channel on the daily timeframe. Over the last few months, the price of THETA has been trading under the 200 EMA, signalling the current bearish sentiment of investors. Technical indicators reveal a potential reversal from current consolidation, with several bearish and bullish signals being demonstrated. Starting in early January, the THETA experienced a drastic bull trend, gaining over 54% of value, rising to its current all-time high of around $1.300. In the march, following a breakdown below the trendline, the price saw a 21% loss, putting in a lower low.

A brief period of bullish sentiment followed this however. Nearing its base support line of $0.850, the Theta network buyers drove the price up to a 30% gain, before encountering resistance at the 100 EMA and making a return to a bearish trend. In the 4-hour timeframe, RSI and Stochastic RSI measures now suggest a bearish reversal from the overbought levels and a 6% bearish correction in the near future. With the present price offering an opportunity to capture the ideas of consolidation, it is important for investors to keep in mind the noted support and resistance points of $0.939 and $1.000, respectively.

It is to be noted that, as is always the case with investments, engaging in or trading crypto assets comes with a risk of financial loss. It is important for investors to ensure that the financial and investment advice given or suggested by the authors or those named in the article is of an informational nature only.



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