Upside Run Far From Slowing at $14
Institutional demand continues to fuel THETA’s upside run after trading the week on astronomical gains, currently, THETA/USD is trading around $13.50, up 30.31% on the day.
*The recent bullish acceleration signaled an end of THETA brief correction beneath the $9
*The upside run is far from slowing at $14 as buyers aim for new highs
*Over $100 million staked on THETA by institutional investors
THETA eased after a spike above the $14 mark, yet it fixates on a retest of the same high while keeping a firm tone. The price action in THETA/USD confirms this view as the pair’s advance prints positive candles for the 3rd day in a row. The recent bullish acceleration signaled an end of a brief correction beneath the $9. With today’s higher opening and fresh extension, points that the upside run is far from slowing at $14 as buyers aim for new highs. Among the 12 coins with a market cap greater than $10 billion, THETA sits at the no. 9th of the pack in terms of capitalization.
Over $100 Million Staked by Institutional Investors
Institutional investors Sierra Ventures, Heuristic Capital, Venture Reality Fund, and GFR Fund stake over $100M in Theta to a collective Enterprise Validator Node. Theta, a blockchain-powered network purpose-built for video streaming is the largest NFTs related token by market capitalization, the token continues to post new highs, buoyed by the recent NFTs Frenzy.
THETA Daily Chart: Bullish
THETA continues its upward run and is now entering an area of no known resistance. As the trend eases out and consolidates under the $14 level, investors look for signs of trend continuation or reversal. Meanwhile, the volatility suggests the token may retain its bullish trend with a high likelihood of continuation.
On the contrary, the alternative is a steady decline. Once a firm bottom has been established ahead of the daily moving average (MA 50) at the $4.80 level, a target of $20 is likely. Technicals for the THETA/USD pair show significant downside support at $7.82, $6.32, and $4.94 levels.
THETA 4-Hour Chart: Bullish
In the short time frame, THETA’s near-term action continues to trade above the rising moving average (MA 50) which tracks the advance since Mar. 1, keeping bias with bulls. The 4-hour moving average (200) is in a full bullish setup, but a loss of positive momentum and RSI ranging in the overbought territory may partially offset positive signals.
The chart pattern warns of extended consolidation, nevertheless, the trend offers an opportunity for solid support around $12.00 and $10.94 levels ahead of MA 50, violation of which would expose psychological key levels of $5.99 level and the loss of which would put bulls on hold and signal deeper pullback.
Resistance Levels: $18.00, $16.00, $14.61
Support levels: $9.17, $7.82, $5.99
Image Credit: Tradingview, Shutterstock
Note: coinpedia.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event.