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• Theta Network presents a video streaming service akin to YouTube

• The token has been underneath bearish stress this yr

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

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

Theta Network is commonly labeled as the YouTube of blockchain. The label is derived from the incontrovertible fact that it’s the solely blockchain for decentralized video streaming. On its web site, Theta Network refers to itself as the “next generation video and entertainment blockchain.”

Whereas Theta Token has been staging recoveries, dampened crypto sentiment stays a thorn. The token has lacked momentum of its personal and has predominantly been transferring with the market. The latest inflation information ignited expectations of a lesser aggressive Fed. The information is boosting cryptocurrencies, and THETA might not be an exception. A break above $1.45 is a bull name, however traders should stay cautious.

Theta token turns resistance into help in a bullish push

Source – TradingView

Theta token has turned the $1.45 resistance into new help. The token is now sliding to check the help earlier than making the subsequent transfer. 

The crossover of the 21-day MA above the 50-day MA is a sign of THETA bullishness. Both transferring averages stay beneath the present value and supply help. The MACD indicator additionally stays bullish on THETA. 

Concluding ideas

Investors ought to watch $1.45 for value motion as the Theta token might start a bullish reversal.

If THETA retests and begins reversal at $1.45, the subsequent value is $2.2, the degree lastly traded in May. However, we’d like to pay attention to the general crypto sentiment, which has largely pushed the Theta token.