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  • Thu. Aug 18th, 2022

Is Theta Network token now bullish after double-digit gains?

ByNdasi Tata

Aug 3, 2022
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1655398286711 352fbbec 84ba 4f0a 956f 9b3d181d04be

  • 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

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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.

Summary

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

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

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