The crypto market is a sea of red as BTC dips for the 2nd day. Selected Altcoins such as THETA are trading in the green despite the ongoing market sell-off. After attaining all-time highs of $15.84 on Mar. 24, THETA price declined to consequently enter into consolidation. The price drop also coincided with the Theta 3.0 Mainnet postponement announcement. Theta had announced postponing the launch of its mainnet earlier scheduled for April 21st until June. THETA resumed the rise on Apr. 7 from lows of $11.23, climbing to intraday highs of $13.94 as at the time of writing. The NFT token has since gained 8.51% in the last 24 hours and 3.53% weekly, to trade at a present price of $12.79. Ranking 11th largest, THETA has a present market valuation of $12.4 billion. Theta (THETA) has taken the lead when it comes to blockchain-based video streaming, this has attracted a growing list of high-level partnerships. The latest being American content distribution company, Cinedigm which integrated Theta blockchain tech into its anime streaming channel.
*THETA resumed the rise from lows of $11.23, climbing to intraday highs of $13.94
*The NFT token has since gained 8.51% in the last 24 hours and 3.53% weekly, to trade at a present price of $12.79
*Theta (THETA) has taken the lead when it comes to blockchain-based video streaming
Key Levels
Resistance Levels: $16.00, $15.07, $14.61
Support Levels: $10.94, $9.17, $7.82
THETA/USD Daily ChartTHETA/USD is pushing slightly higher today within a sideways market that has progressed after it attained record highs of $15.84. A sustained break past the intraday high at $13.94 and $14.77 could push THETA beyond the record highs of $15.84. A rally back above $15.84 could resume the next leg of the uptrend with target objectives of $17 and $20.
Alternatively, if sellers steer the price below the recent consolidative support at $11.06, early support may develop at $10.02 and then $7.48 at the MA 50. A deeper pullback past the MA 50 may then challenge the support belt from $6.32 until the $6 low. the RSI hovering above 60 suggests an advantage to the bulls.
THETA/USD 4-Hour ChartTHETA breached above the 4-hour MA 50 overhead barrier at $11.97 today. Since Mar. 31, THETA price action has gone sideways for the lack of a catalyst with the upside capped by the MA 50. If positive traction is maintained past the recent footholds on the MA 50, THETA price could rise to challenge the highs near the latest peak of $14.19. Successfully stepping over these obstacles, the price may then target all-time highs of $15.84.
Some time would be needed for THETA/USD to digest the prior strong-up move, and build the base for another rally. The RSI slightly above mid-reading suggests consolidation. Tentatively, strong support is expected from the MA 50 ($11.97) resistance turned support to contain downside. In case of deeper pullback, the consolidative support at $11.11 could cap further downside risks.
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