Theta Network Hints A Bullish Reversal! THETA Poised For 20% Jump?

The post Theta Network Hints A Bullish Reversal! THETA Poised For 20% Jump? appeared first on Coinpedia Fintech News

The crypto industry continues to display a significant price action, with top tokens adding notable value to their portfolio. Further, the DeFi category has gained significant attention from investors over the past few days, indicating a potential price action for these tokens in the coming time.

The Theta Network price has recorded a jump of 13.52% within the past 24 hours, making it one of the top gainers in the industry for the day. Further, it has added 51.84% this month, highlighting positive fundamentals for the token.

THETA Network Displays A Significant Move!

The THETA token displayed a neutral trend by trading between $0.934 and $1.043 for the first twelve days of the month. During this time, the bulls failed multiple attempts to break out of the resistance level, indicating a bearish influence in the market.

However, as the market volatility grew, the bulls successfully broke out of the resistance level, following which the price traded sideways for the next few days. After this, the Theta Network price recorded a jump of 17.52% before facing rejection at $1.341.

TradingView: THETA/USDT

Following this, the price traded in a consolidated range between $1.141 and $1.341 for about a week, during which the price displayed significant fluctuation in the chart. After testing its low of $1.253, the THETA price recently regained momentum and recorded a jump of 18.43% and has been hovering close to its resistance level since then.

The Moving Average Convergence Divergence (MACD) displays a constant green histogram, indicating a positive price action in the crypto industry. Moreover, the averages show a significant rise, suggesting the price will continue gaining value in the coming time.

Will THETA Coin Go Up?

If the market pushes the price above the resistance level of $1.484, the bulls will regain momentum and prepare to test its upper resistance level of $1.60. Maintaining the price at that level will set the stage for the THETA token to attempt to test its upper limit of $1.70 in the upcoming weeks.

Conversely, if the market experiences a trend reversal, the altcoin will lose momentum and fall to test its support level of $1.341. Further, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $1.253 in the coming time.