THETA Loses Intraday Traction; Tests Supports Around MA50
THETA—a decentralized streaming network, is an open-source protocol that will authorize Decentralized apps to be built on top of the platform to amplify the use case, which supports sports, entertainment, and a lot more. THETA drops from the 3-month high after the intraday market crash against the US Dollar and is currently trading at $0.403.
With the negative market sentiment and crash of the largest cryptocurrency by market capitalization—Bitcoin, the entire market is seen experiencing a daily rough patch today.
THETA, at the press time, was seen trading at $0.403 after a long bearish candlewick drawn from $0.55 due to loss of steady market traction. It was towards the end of the previous month when THETA/USD was seen breaching the upper Bollinger Band and is now around the lower band, testing 50-day MA supports at $0.360. However, the coin holds complete support from the 200-day daily MA at $0.21.
But due to negative market sentiment, the MACD chart holds a bearish crossover, and, in this regard, the signal line is seen crossing above the MACD line. The RSI is at 46.36, with no trading extremities hit at present.