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Altcoin to the Moon: THETA Breaks Strong Resistance

Altcoin to the Moon: THETA Breaks Strong Resistance
  • Altcoin THETA is showing a strong bullish rally.
  • THETA is a next-generation video delivery network.

The crypto industry continues to generate cryptocurrency projects that enable its users globally to communicate instantly in a decentralized way. One of these projects is the Theta Network (THETA), a next-generation video delivery network.

In terms of market capitalization, the THETA amounts to almost $2.5 billion. As a result, the crypto ranks among the top 20 cryptos in CoinGecko.

Aside from its good ranking position in the crypto market, THETA is set to deliver its mainnet upgrade this spring. Hence, users can expect a whole new set of user experiences, and new attribution models for DApps built on the THETA network.

Do you think these recent achievements of THETA could make it a profitable investment this year? Let’s head to the chart and find out  in this CoinQuora Theta Network (THETA) technical analysis.

THETA Price Analysis

THETA ALMA and RSI
THETA ALMA and RSI (Source: TradingView)

The graph above displays the uptrend position of the crypto. Today, THETA trades a bullish price of $2.42 per crypto with a growth rate of +259.8% in the past 30 days. It also displays how the bulls consolidate at a price of $1.56 and break its resistance level of $1.74.

As a result, the bulls are residing on top of the Arnaud Legoux Moving Averages (ALMA), a bullish indicator. Therefore, traders in the network can look forward to more bullish days ahead.

However, if the price of the crypto slides below ALMA, the price of the crypto could experience a price decline. It could fall as low as $1.92 if the bulls fail to defend its uptrend position in the bearish market.

In this case, THETA must recover and climb back to its uptrend position as quickly as possible. Otherwise, the bears might gain the upper hand against the bulls. Along with this, the price THETA could plummet to $1.53, a solid dump not favorable to the investors.

Meanwhile, the relative strength index (RSI) is now at its overbought stage. In other words, traders must be aware of the price pullback that might happen anytime soon. This is most likely to happen if the investors on the network turn against the crypto. But until then, it is advisable that the traders stick with their indicators to avoid unexpected loss.

A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.