THETA Price Soars 13% – Time To Invest?

• THETA price bounced off the 200-day Simple Moving Average (SMA) on Tuesday, rising 12.93% to trade above $1.20.
• The bulls are attempting to push the price first toward the $1.20 psychological level and later to fight resistance from the upper boundary of the ascending channel at $1.24.
• If the THETA price manages to rise above this level, it would mean that it has escaped from the confines of the prevailing chart pattern, confirming a bullish breakout.

THETA Price Rises 13%

The Theta Network token rose by 12.93%, trading above $1.20 as bulls were determined to scale its price higher.

Technical Setup

An ascending parallel channel was formed on the daily time frame with immediate middle boundary of the channel at $1.16, while strong support was provided by lower boundaries such as $1.07 and $0.90 psychological level embraced by 50-day and 100-day SMAs respectively.

Bullish Breakout

If THETA price manages to rise above its current levels, it will confirm a bullish breakout and move towards its major resistance level at $1.34 which represents a 14% uptick from current levels.

Technical Indicators Support Bullish Trend

The moving averages and MACD indicator were facing upwards, signaling further potential gains for THETA in near future if bullish momentum persists in coming days or weeks ahead..

Investor Decision

Investors should monitor technical indicators closely and use them as a reference point when making an informed decision whether to buy or sell THETA tokens .