THETA Network (THETA) is facing conflicting technical signals amid ongoing market pressure, raising concerns among analysts.
Current Technical Indicators of THETA
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, which now acts as a ceiling for any potential upside. Currently, THETA trades around $0.678, down 1.7%.
Breakout Potential of THETA
Despite the bearish setup, another chart perspective suggests that THETA may be preparing for a breakout. The token is currently 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. A breakout above this descending trendline could trigger buying momentum.
Conclusion and Key Points
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 overall technical outlook remains fragile until a higher high confirms a change in trend.
THETA Network, amidst conflicting signals, remains at the brink of a potential breakout, though lower prices may persist in the absence of a clear upward movement.
