- THETA’s failed bullish wave formation suggests ongoing bearish price pressure.
- A breakout above the channel could trigger upside toward $1.70.
THETA Network (THETA) is showing conflicting technical signals amid ongoing market pressure. According to analysis from More Crypto Online, THETA has failed to establish a five-wave impulse since its April low. The token was recently rejected at $0.969, a vital resistance zone that now acts as a ceiling for any upside. As of the latest session, THETA trades around $0.678, down 1.7%.
The analysis, based on Elliott Wave Theory, projects continued downside as wave (C) appears to be developing further. Key Fibonacci retracement levels 38.2%, 50%, 61.8%, and 78.6% indicate possible support between the $0.30 and $0.40 range. Unless the price breaks above the $0.969 threshold, this corrective wave remains active, keeping the overall trend bearish.
Analysts highlight the inability to sustain bullish momentum as a key factor behind the current decline. Without a clear upward impulse, the path of least resistance remains to the downside. The technical outlook remains fragile until a higher high confirms a change in trend.
Breakout Potential Looms as THETA Tests Channel Resistance
Despite the bearish setup, another chart perspective suggests that THETA may be preparing for a breakout. The token is now testing the upper boundary of a descending channel, trading around $0.691. This channel has confined the price since its multi-month downtrend began, marked by consistent lower highs and lower lows.
The chart reveals early signs of consolidation just below the resistance zone. If THETA breaks out above this descending trendline, the move could trigger buying momentum. Projections show possible upside targets in the $1.00 to $1.70 region. Volume remains stable, indicating that a strong catalyst could spark the breakout.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
