Theta Network provides a video streaming service akin to YouTube
The token has been underneath bearish strain this 12 months
THETA broke above the consolidation zone in a possible bullish push
Theta Network token THETA/USD has been consolidating for the final three months. The token has barely surpassed $1.462 since mid-May. It trades at $1.6 in a bullish push probably to take the token to $2.2.
Theta Network is commonly labeled as the YouTube of blockchain. The label is derived from the indisputable fact that it’s the solely blockchain for decentralized video streaming. On its web site, Theta Network refers to itself as the “next generation video and entertainment blockchain.”
Whereas Theta Token has been staging recoveries, dampened crypto sentiment stays a thorn. The token has lacked momentum of its personal and has predominantly been shifting with the market. The latest inflation knowledge ignited expectations of a lesser aggressive Fed. The knowledge is boosting cryptocurrencies, and THETA will not be an exception. A break above $1.45 is a bull name, however buyers should stay cautious.
Theta token turns resistance into help in a bullish push
Source – TradingView
Theta token has turned the $1.45 resistance into new help. The token is now sliding to check the help earlier than making the subsequent transfer.
The crossover of the 21-day MA above the 50-day MA is a sign of THETA bullishness. Both shifting averages stay under the present worth and supply help. The MACD indicator additionally stays bullish on THETA.
Concluding ideas
Investors ought to watch $1.45 for worth motion as the Theta token might start a bullish reversal.
If THETA retests and begins reversal at $1.45, the subsequent worth is $2.2, the stage lastly traded in May. However, we want to concentrate on the general crypto sentiment, which has largely pushed the Theta token.
