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Consolidations continue generally in the crypto markets today, marked by mild recovery after yesterday’s declines. Theta (THETA) is steady in a tight range after picking up some upside momentum again today. At the time of writing, THETA was exchanging hands at $9.22, up 8.31% in the last 24 hours and 4.43% weekly. Ranking 16th largest, THETA has a present market capitalization of $9.33 billion and $297 million in 24 hours traded volume. In a June 14 Tweet, the Theta network announced ”Theta Mainnet 3.0 is just 15 days away! Scale testing is continuing with no issues at 30k+ Elite Edge Nodes and 150k+ TFUEL stakers, aided by scaling improvements in the recent 2.4.0 update. The next evolution of decentralized data delivery is coming!”. On June 7, Theta protocol released the updated v2.4.0, including gas fee adjustment and TFuel burning as the latest step toward Mainnet 3.0 launch.
Key Levels
Resistance Levels: $13.57, $12.00, $10.58
Support Levels: $7.28, $6.32, $5.50
THETA/USD Daily Chart: Ranging
THETA/USD Daily Chart
THETA is consolidating within a tight trading range around the MA 50 at $8.97. During the preceding week, THETA price had tried to break above the range, posting highs of $10.46 on June 9, but it failed once again to close above the consolidation area. The RSI indicator seems to be making its way up above the 50-neutral mark. Thus, an upside run above the MA 50 ($8.97) and $10.58 could drive the price to flirt with the $13.57 barrier.
Even higher, THETA/USD could see a pause near the $15.84 resistance, ahead of the April all-time highs at $16.61. On the downside, the immediate support level below the MA 50 is coming from the $8.30-$8.47 range and any violation of this barrier could open the way for the MA 200 crucial support at $6.01. If there is a break of this significant line, investors could shift their attention to the $4.54 and $3.70 support levels, taken from May, turning the outlook to bearish.
THETA/USD 4-Hour Chart: Ranging
THETA/USD 4-Hour Chart
The THETA/USD pair has formed a bullish cup and handle formation on the 4-hour chart, and the price is consolidating above the MA 50 ($8.69). The ‘Cup and Handle pattern is a bullish continuation pattern that begins with a consolidation period, followed by a breakout. The consolidation period is captured within the handle.
On the upside, a close above the $9.65 level should move the price towards the $10.47 and then target the all-time highs at $16.61. Alternatively, a band of support comes in from the MA 50 at $8.69 until the MA 200 at $8.09. The next level below that is horizontal support from recent lows near $7.29. Overall, THETA/USD outlook remains neutral to bullish. Yet, the next price direction could be revealed with a break either above $10.58 or below $7.28.
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