Theta Network (THETA) is down 5.81% on the daily and 16.03% for the week, according to CoinMarketCap.
The price of THETA is $2.55 at the time of writing, and has a market cap of $2,554,521,275. This makes it the 41st biggest crypto project by total market cap, behind The Sandbox (SAND) and slightly ahead of Tezos (XTZ).
The 24-hour trading volume for THETA has also seen a 15.72% increase in the last 24 hours, amounting to $166,084,447, worth approximately 64,709,547 THETA.
THETA has also weakened against Bitcoin (BTC) and Ethereum (ETH). One THETA is worth 0.00006677 BTC and 0.0009124 ETH. This is an estimated 2.86% drop compared to BTC and a 1.86% drop in strength against ETH.
THETA bear cycle likely to continue (Source: TradingView)
The daily chart for THETA shows that this week has been a week of mainly sell volume, with sell volume beating buy volume for 3 out of the last 5 days. A bearish Exponential Moving Average (EMA) cross of the 15 EMA and 50 EMA occurred over the last 2 to 3 weeks. This signals that THETA has entered into a short-term bearish period.
Other technical indicators such as MACD and histogram corroborate the fact that THETA has entered a bearish cycle on the daily chart as the histogram is busy increasing negatively.
The 15 EMA also seems to be breaking away from the 50 EMA after crossing recently, with the gradient of the 15 EMA indicating that the breakaway is more than likely to continue, taking the price further down.