- Theta network has been touted as a next-generation video streaming platform
- The network faces competition from other networks
- Theta token has pumped 20% but remains in consolidation mode
Theta Network token THETA/USD has returned more than 20% in the past one week. The gains in the last 24 hours were 2.46% as of press time. The gains consider that THETA has been relatively subdued despite other cryptocurrencies surging.
Theta Network promises to revolutionize video streaming through the blockchain network. By becoming the next-generation video blockchain network, Theta will rival YouTube. That was evident mid-last year when the network saw exponential growth.
This year, however, Theta has been beset with challenges. It is yet to live to the hype of being a YouTube rival. The booming metaverse applications with almost everything in virtual space have also been a threat. Protocols such as Axie Infinity have been preferred by gamers. However, once Theta proves its course, it is bound to rise. Recent gains attest to expectations of a price pump. But is the token bullish now?
Theta trapped in a consolidation zone despite latest gains
Source – TradingView
On the daily chart technical outlook, Theta token has been very stable above $1.06 support. The token has held to this key level since May. It suggests sellers’ exhaustion and the potential entry of buyers. Nonetheless, the $1.45 resistance has always taken the price back for every surge. That makes the consolidation zone a level to watch.
Moving averages and MACD indicators show a bullish momentum for THETA. Our assessment suggests that a break above $1.45 will confirm bullish momentum. Already, THETA has shown the likelihood of a breakout. Investors should watch the token over the next few days.
Although Theta token is in the consolidation zone, a potential breakout is on the cards. The token has been stable since May, and a breakout would attract more buyer interest.
The post Is Theta Network token now bullish after double-digit gains? appeared first on CoinJournal.
Ndasi Tata is a Bitcoin entrepreneur from Cameroon, who holds an M.Sc in Blockchain and Digital Currency from the University of Nicosia. He is an advocate of Bitcoin in Africa and uses various social media platforms to promote his ideas and ventures. Tata has a background in state journalism and has established himself as a significant figure in the Bitcoin community.