Technical Indicator Suggest A Bearish Move For THETA Price

The weekly technical chart of THETA shows a bullish momentum. On coming to the daily chart's shorter time frame, THETA price has formed a corrective Elliot wave formation. According to the Elliot wave pattern, the price can test the level up to $11.72.THETA price is above 20 and 50 Moving average. The 20 MA(Red) line is at $8.72, making it temporary support for the coin. Resistance for the coin on going upside is at $14. While on the downside, the coin can see a bounceback from $11.There is a formation of the accumulation zone on the 4-hour chart. If the price goes above the zone, then a new high can be formed.THETA/BTC pair is currently performing negatively but can see a bounceback in a couple of trading session.
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