MarketMarket NewsPrice Analysis

Will THETA Price Hit $7 After Sony Europe Becomes Validator?

  • Theta Network reached its most recent all-time high after Sony Europe became one of its blockchain validators.
  • THETA price is at $4.48 at the time of writing.
  • For THETA price to reach $7, it must first turn the $5 psychological resistance level into support.

Theta Network’s native asset has skyrocketed in price after news regarding Sony Europe becoming one of its blockchain’s validators erupted across the Internet. At the time of writing, THETA price amounts to $4.48, according to CoinGecko.

THETA 4-hour chart
THETA 4-hour chart (source: TradingView)

The said news about Sony Europe becoming one of Theta Network’s blockchain validators came on March 2. Immediately, people began to take notice of THETA and bought en masse.

THETA Price Analysis 2021

As seen on the chart above, THETA was on a steady increase during the first half of February. In fact, the uptrend extended until Feb 20, before it began its downward trend. However, the bulls saw this as an opportunity to buy its dips.

However, there was no sure way for anyone to tell that THETA would surge based on technical analysis alone. To the relief of traders, Sony’s R&D center in Europe revealed that it has become one of Theta Network’s blockchain validators.

When the above-said news broke out, THETA began its noteworthy ascent, as seen on the chart above. In fact, THETA is setting a new all-time high (ATH) record with its current price, and there’s no telling when it will stop.

THETA RSI showing overbought status (source: TradingView)

However, the Relative Strength Index (RSI) shows that THETA is already overbought. Traders would need to exercise caution since there’s no guarantee that THETA’s current spike will last for at least a week.

Given THETA’s past movements, it may look unlikely that it will reach $7 soon. Most probably, THETA will hit a strong resistance at the $5 psychological level. If it does not break the $5 barrier, the bears may try to force the issue against the bulls.

On the other hand, bulls need to convert the $5 resistance into support and gather enough strength at that level before it can hope to reach $7.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies. 

Calev Ford

A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.

Related Articles

Back to top button