Is Theta Network Token Now Bullish After Double Digit Gains?

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  • Theta Network has been touted as a next-generation video streaming platform
  • The network faces competition from other networks
  • Theta Token Pumped 20% But Remains In Consolidation Mode

Theta Network token THETA/USD has returned more than 20% in the past week. Earnings in the last 24 hours were 2.46% as of printing. The gains believe that THETA is relatively subdued despite other cryptocurrencies rising.

Theta Network promises to revolutionize video streaming over the blockchain network. By becoming the next-generation video blockchain network, Theta will rival YouTube. This became apparent in the middle of last year when the network grew exponentially.

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This year, however, Theta is plagued with challenges. It has yet to live up to the hype of being a YouTube rival. The thriving metaverse applications with almost everything in virtual space have also been a threat. Protocols like Axie Infinity are preferred by gamers. However, once Theta has proven its course, it will surely rise. Recent gains attest to the expectations of a price pump. But is the token now bullish?

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Theta stuck in consolidation zone despite latest gain

Source – TradingView

On the technical outlook for the daily chart, the Theta token was very stable above the $1.06 support. The token has remained at this key level since May. It suggests depletion of sellers and the potential entry of buyers. Nevertheless, the $1.45 resistance has always pulled the price back for each rise. That makes the consolidation zone a level to watch.

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Moving averages and MACD indicators show bullish momentum for THETA. Our assessment suggests that a break above USD 1.45 will confirm bullish momentum. THETA has already demonstrated the likelihood of an outbreak. Investors should keep an eye on the token in the coming days.

Overview

While the Theta token is in the consolidation zone, there is a potential breakout at stake. The token has been stable since May and a breakout would attract more interest from buyers.

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