Wednesday, February 8, 2023
    HomeMarketIs Theta token heading to $2 after the latest breakout?

    Is Theta token heading to $2 after the latest breakout?


    • Theta Community gives a video streaming service akin to YouTube

    • The token has been underneath bearish strain this yr

    • THETA broke above the consolidation zone in a possible bullish push

    Theta Community token THETA/USD has been consolidating for the final three months. The token has barely surpassed $1.462 since mid-Might. It trades at $1.6 in a bullish push prone to take the token to $2.2.

    Theta Community is commonly labeled because the YouTube of blockchain. The label is derived from the actual fact that it’s the solely blockchain for decentralized video streaming. On its web site, Theta Community refers to itself because the “subsequent technology video and leisure 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 transferring with the market. The newest inflation knowledge ignited expectations of a lesser aggressive Fed. The info is boosting cryptocurrencies, and THETA is probably not an exception. A break above $1.45 is a bull name, however traders should stay cautious.

    Theta token turns resistance into help in a bullish push

    Supply – 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 following transfer. 

    The crossover of the 21-day MA above the 50-day MA is a sign of THETA bullishness. Each transferring averages stay under the present value and provide help. The MACD indicator additionally stays bullish on THETA. 

    Concluding ideas

    Buyers ought to watch $1.45 for value motion because the Theta token may start a bullish reversal.

    If THETA retests and begins reversal at $1.45, the following value is $2.2, the extent lastly traded in Might. Nevertheless, we want to concentrate on the general crypto sentiment, which has largely pushed the Theta token.

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