Theta, the token of the platform that aims to dethrone Twitch, is jumping strongly to the upside, as the crypto market recovers, and NFT launches specifically sponsor its rise.
At the time of this writing, THETA is trading at $ 5.67, accumulating a gain of 7.63% in the last 24 hours and 45.88% in the last 7 days. Its market capitalization is $ 5.687 million, making it ranked 36th in the Crypto Online ranking.
To put us in context, Theta Network is a blockchain designed for user-driven streaming of audiovisual content, as well as the home of various NFT collections.
Recently, the launch of a celebrity Katy Perry NFT collection appears to have sparked the start of a new price rally. With a follower base of 146 million on Instagram and 108 million on Twitter, Katy’s accounts are certainly a great source of exposure.
Theta token technical analysis
On the daily chart we see how the price has been rising strongly since last week, clearly creating a short-term uptrend.
This new trend begins after a large drop in the Theta token, which found support at $ 3.85, where it began to make higher lows, announcing weakness by sellers.
Today the price is being hampered by resistance at $ 5.90. We are likely to see a correction from the current point. However, as the dominant force is bullish, we should quickly see selling slowing down, ushering in new momentum.
From this time frame we see that recent gains are not very relevant yet. A succession of ever lower lows is still intact.
However, we can also notice that the previous bullish force is dominant. For this reason, the decline of the last few months is still a simple correction / break before continuing to the upside.
During the bearish process that we have been seeing, the price of the Theta token has been locked in a descending triangle. This chart figure when it forms over resistance, indicates a reversal of the trend. But this is not the case.
On the chart of this token this triangle is signifying a simple break. At the moment it is more likely that it will be crossed by the upper part, indicating a resumption of the trend, and the possible search for a new all-time high. To confirm this, resistance at $ 8.18 must be broken.
To think about selling, support must be lost at $ 3.85, and for now this is an unlikely scenario.
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