- Theta price is contained inside an ascending wedge pattern on the daily chart.
- The digital asset has just defended a key support level at $3.1.
- Sony Europe has joined the Theta blockchain validator program
Theta price has been inside a long-term uptrend on the daily chart, but that could change if the bulls can't hold a key support level. On the other hand, a breakout above the upper resistance trendline of an ascending wedge would keep the bulls in control.
Theta price on the brink of a 33% move
Sony Europe is the latest company to join Theta's validator program which will allow the platform to operate an enterprise validator node. Other major firms on the program include Google or Samsung.
Theta Network is quickly moving towards full decentralization with 14 enterprise validators, of which seven are run by Theta Labs and with Sony Europe being our seventh external validator marks an important milestone for the project.
On the daily chart, Theta price has established an ascending wedge pattern. In the past two days, bulls have defended the key support trendline and now aim for a breakout above the upper boundary.
THETA/USD daily chart
Climbing above $4.10 would confirm a breakout with a price target of about $5.45, determined by using the pattern's maximum height as a reference point.
However, bears can still come back if they can push Theta price below the critical support trendline currently established at around $3.2. A breakdown below this point would drive THETA down to $2.21.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.