The crypto market represents mixed trading on Tuesday as Bitcoin and the majority of crypto assets seek a footing at current levels. Theta, a blockchain-powered network purpose-built for video streaming and the biggest NFT token by market capitalization has sustained its move higher. At the time of writing, Theta (THETA) was exchanging hands at $7.47, up 13.19% in the last 24 hours and 21.22% weekly. Ranking 21st largest, THETA has a present market capitalization of $7.66 billion and $487 million in 24 hours traded volume. On May 31st, theta announced that the Theta Mainnet 3.0 upgrade, the launch of Elite Edge Nodes, and TFUEL Staking is scheduled to happen on June 30. In March, Theta had announced postponing the mainnet launch earlier scheduled for April 21st until June.
Key Levels
Resistance Levels: $12.00, $10.98, $9.17
Support Levels: $6.32, $5.50, $4.45
THETA/USD Daily ChartTHETA ticked higher in the Tuesday session, after rebounding off the weekend lows of $5.91. Theta spent some time trading sideways below the MA 50 barrier at $9.78 in May. While the resistance holds, THETA could continue to see range-trade. The RSI though conveying a pickup in positive momentum remains slightly below the neutral 50 marks. A major upside movement will appear only if THETA bulls will have enough energy to jump and stabilize above the $8.69 level and more importantly above the MA 50 barrier at $9.78.
Once the bulls can take out the mentioned resistance levels, THETA price may rally to the $13.57 level ahead of the April all-time highs of $16.61. On the contrary, a dip below the $5.91 support could expose the MA 200 at $5.36. further declines beneath the MA 200 could weaken the current upside pace while bringing the support levels at $4.54 and $3.70 into the spotlight.
THETA/USD 4-Hour ChartTHETA is edging across the 4-hour MA 50 ($6.97) and price action appears to have become confined to the vicinity between the MA 50 and 200. The recent bullish uptick in the RSI is suggesting price improvements. If buyers manage to drive theta price over a cluster of resistance from the $7.65 level up to the MA 200, the $9.25 barrier could then try to neutralize buyers’ efforts to improve.
Succeeding, the next upside friction could evolve from the $13.32 mark ahead of the all-time highs of $16.61. Alternatively, if sellers push below the current levels to the MA 50-period at $6.97, initial support could develop from the $6.05 level before the bears challenge the floor of $4.56 of the sideways pattern. Plunging beneath this may then turn traders’ focus to the region of $3.72 level. Concluding, THETA/USD retains a neutral bias.
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