Is Theta Network token now bullish after double-digit gains?

• Theta community has been touted as a next-generation video streaming platform
• The community faces competitors from different networks
• Theta token has pumped 20% however stays in consolidation mode

Theta Community token THETA/USD has returned greater than 20% up to now one week. The features within the final 24 hours have been 2.46% as of press time. The features contemplate that THETA has been comparatively subdued regardless of different cryptocurrencies surging.

Theta Community guarantees to revolutionize video streaming by way of the blockchain community. By changing into the next-generation video blockchain community, Theta will rival YouTube. That was evident mid-last yr when the community noticed exponential progress.

This yr, nevertheless, Theta has been beset with challenges. It’s but to stay to the hype of being a YouTube rival. The booming metaverse functions with virtually every little thing in digital area have additionally been a risk. Protocols corresponding to Axie Infinity have been most popular by avid gamers. Nonetheless, as soon as Theta proves its course, it’s sure to rise. Latest features attest to expectations of a worth pump. However is the token bullish now?

Theta trapped in a consolidation zone regardless of newest features

Supply – TradingView

On the every day chart technical outlook, Theta token has been very steady above $1.06 assist. The token has held to this key stage since Might. It suggests sellers’ exhaustion and the potential entry of patrons. Nonetheless, the $1.45 resistance has at all times taken the value again for each surge. That makes the consolidation zone a stage to look at.

Transferring averages and MACD indicators present a bullish momentum for THETA. Our evaluation suggests {that a} break above $1.45 will verify bullish momentum. Already, THETA has proven the chance of a breakout. Buyers ought to watch the token over the subsequent few days.

Abstract

Though Theta token is within the consolidation zone, a possible breakout is on the playing cards. The token has been steady since Might, and a breakout would appeal to extra purchaser curiosity.