Theta Price Bursts through resistance as March to $10 resumes

Summary:

the Theta price has climbed 50% from the September low, hurdling several key resistance levels in the process and working towards the next.

The Theta price has climbed 50% from the September low, hurdling several key resistance levels in the process and working towards the next. On the 29th of September, I asked if Theta (THETA) was starting to look good value? It turns out that it was. In the seven days that followed, the music streaming token surged from $4.60 to $7.11. Furthermore, the bullish momentum looks likely to keep pace, which could put THETA on a path to double digits.

Cryptocurrencies are recovering from September’s weakness. Bitcoin (BTC) has climbed from $40k to $51,300, as fears of a China-style ban in the US subside. As a result, at the time of writing, the total Crypto market cap is around $2.2 Trillion. Furthermore, if BTC clears September’s $53k four-month top, it could extend higher, lifting the THETA price with it.

Technical Analysis

The daily chart shows Theta held long term support at $4.50 during last month’s sell-off. The bounce that followed lifted the Token above the 100-day moving average at $6.24 and the 50-day at $6.48. The 200- day at $8.06 is the next significant resistance level. Above that, the Theta price should advance towards last month’s $9.81 high, just below the psychological $10.00 threshold. The Relative Strength Index (RSI) is trending higher, reinforcing the bullish momentum. The RSI currently reads 60, which leaves more room to run before the price ventures into overbought territory.

The bullish thesis stays intact as long as THETA holds the 100 DMA at $6.24. Therefore, a daily close below $6.24 invalidates the immediate bullish outlook and indicates the price could retest trend support, now at $4.65.