The crypto market remains volatile with top altcoins showing constant fluctuations. THETA price has erased recent gains, marking a strong liquidation point. The bulls briefly rallied but faced resistance at $3.135, leading to a decline in momentum. Technical indicators, including MACD, suggest bearish pressure with a potential bearish convergence in the near term.
Theta Network Price Plunges, Erasing Recent Gains Amidst Market Volatility
The cryptocurrency market continues to exhibit pronounced volatility, with leading altcoins experiencing relentless fluctuations. Among these, Theta Network has witnessed a reversal of fortune, eroding all the gains it had accrued during a recent upsurge. This steep decline signals a potential inflection point within the cryptocurrency space.
Following a period of relative stability, Theta Network bulls surged forward, propelling the price by an impressive 36.67%. However, their momentum was cut short at the $3.135 resistance level. Subsequently, the Theta Network price embarked on a rollercoaster ride, reaching a peak of $3.590 before losing steam.
The chart reveals that the Theta Network price has remained within the clutches of bearish sentiment, sinking to a low of $2.445 during the third week of March. Bulls rallied, breaking through the resistance level, and since then, the altcoin has been oscillating within a narrow range between $2.695 and $3.135.
Technical indicators provide further insights into Theta Network's price action. The Moving Average Convergence Divergence (MACD) oscillator exhibits a consistent decline in its green histogram, indicating an imbalance between selling and buying pressure in the cryptocurrency market. Moreover, the diminishing average lines suggest a potential bearish convergence, foreshadowing a negative price movement in the near future.
Amidst this bearish outlook, the question lingers: Will the Theta Network coin continue its downward trajectory? If the market can sustain prices above the crucial resistance level of $2.905, bulls may regain their footing and challenge the higher resistance level of $3.135. Further, a sustained bullish momentum could propel the price towards $3.335 this month.
However, if the bulls falter, the Theta Network coin will remain vulnerable to bearish pressure, potentially retesting its lower support level of $2.695. Should the bears maintain their dominance, a further decline is possible, with the critical support level of $2.445 coming into play in the coming weeks.
This recent price action underscores the inherent volatility of the cryptocurrency market and highlights the importance of informed decision-making. As Theta Network navigates this turbulent landscape, investors should closely monitor its price movements and technical indicators to make prudent investment choices.
