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

  • Theta Network offers a video streaming service akin to YouTube

  • The token has been under bearish pressure this year

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

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

Theta Network is often labeled as the YouTube of blockchain. The label is derived from the fact that it is the only blockchain for decentralized video streaming. On its website, Theta Network refers to itself as the “next generation video and entertainment blockchain.”

Whereas Theta Token has been staging recoveries, dampened crypto sentiment remains a thorn. The token has lacked momentum of its own and has predominantly been moving with the market. The latest inflation data ignited expectations of a lesser aggressive Fed. The data is boosting cryptocurrencies, and THETA may not be an exception. A break above $1.45 is a bull call, but investors must remain cautious.

Theta token turns resistance into support in a bullish push

Source – TradingView

Theta token has turned the $1.45 resistance into new support. The token is now sliding to test the support before making the next move. 

The crossover of the 21-day MA above the 50-day MA is an indication of THETA bullishness. Both moving averages remain below the current price and offer support. The MACD indicator also remains bullish on THETA. 

Concluding thoughts

Investors should watch $1.45 for price action as the Theta token could begin a bullish reversal.

If THETA retests and starts reversal at $1.45, the next price is $2.2, the level lastly traded in May. However, we need to be aware of the overall crypto sentiment, which has largely driven the Theta token.

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