THETA price prediction: On track to achieve the $2.6000 target

Published by
Written By: Elliott Laybourne
Reviewed By: Saber
Share
    Summary:
  • The Theta price chart has been a sea of red for the last 12 days. Theta has closed higher just twice during this destructive period. Sadly it can get worse.

The Theta price chart has been a sea of red for the last 12 days. Theta has closed higher just twice during this destructive period. Sadly it can get worse.

Theta is trading at $4.323, down $0.1126 (-2.54%)

On July 13th, I warned, “Buyers prepare for THETA price sale”. Unfortunately, so far, I have been proved right.

There really isn’t much in the way of positive indicators for Theta. The chart paints a distressing picture for the bulls. After breaking below a significant supportive trendline, the price has succumbed to a wave of selling, driving its valuation 25% lower.

Furthermore, the latest decline is about to trigger yet another bearish indicator.

Theta Technical Outlook

The daily chart shows that the 50-day moving average at $7.132 will soon unite with the 200 DMA at $6.8600. And if the 50 crosses below the 200, a ‘death cross’ signal will indicate more price weakness to follow.

Therefore, I see no reason to alter my $2.60000 price target. Moreover, my bearish conviction has only been reinforced by the Theta price performance.

Of course, this may not be a straight line. But as long as Theta remains below the support-turned-resistance of the trend line at $6.5000, lower looks likely.

THETA price chart

Follow Elliott on Twitter.

This post was last modified on Feb 02, 2024, 14:49 GMT 14:49

Written By: Elliott Laybourne
Reviewed By: Saber

Elliott Laybourne is an accomplished Hedge Fund sales and Investment bank trading specialist. Elliott also started a successful Base Metals Brokerage business in partnership with ABN AMRO clearing bank. He worked on the open outcry trading floors at the London International Financial Futures Exchange 'LIFFE' and the London Metal Exchange 'LME.' He also provided research and execution services for Goldman Sachs, JP Morgan, Credit Suisse, Schroders Asset Management, and Pennsylvania State Public School Employees Retirement System, as amongst others. Today, he focuses on providing trading consultancy and business development services for family office and brokerage clientele.

Published by
Written By: Elliott Laybourne
Reviewed By: Saber