A highly influential descending trendline has led to the ongoing downtrend in the THETA coin price. Moreover, the recent bullish attempt fails to crossover the resistance trendline and results in the recent 20% fall. Hence, the ongoing free fall may shortly reach the $3 mark as the sellers gain momentum. Key technical points: The THETA coin price breaks below the 50-day EMA and the $4 mark. The MACD indicator gives a bearish crossover in the THETA/USD daily chart. The 24-hour trading volume in the Theta coin is $328 Million, indicating a 30% fall. Past Performance of THETA THETA sellers marked a new lower low at $2.32 on January 24. Amid the recent recovery phase in the crypto market, the buyers surge the altcoin to $4.3, indicating an 84% hike within three weeks. However, the higher price rejection candle at the resistance trendline revealed the bears are selling on rallies, resulting in a 20% fall in the last three days. Source-Tradingview THETA Technical Analysis During the recent price jump, the THETA buyers breached the overhead resistance of $3.67-$3.57. However, the coin price reverts from the descending trendline and retests this broken resistance. If buyers could sustain above this mark, the price will attempt to overcome the long coming resistance trendline. The 50-and-100-day EMA acts as dynamic resistance in this downtrend. However, the bulls managed to reclaim the 20-day EMA, offering a slight edge to long trader...
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