- THETA breaks to uncharted territory with the next bullish target at $1.
- The price may retreat to $0.65 before the growth is resumed.
THETA hit the $0.846 all-time high on Wednesday and retreated to $0.83 by the time of writing. The coin has gained nearly 10% on a day-to-day basis, moving within a strong bullish trend.
THETA is the 33d largest digital asset with a current market value of $824 million. The token is most actively traded on Binance and Huobi Global. This project was launched in March 2019 with the purpose of bringing the benefits of blockchain technology to the video streaming industry. To be precise, the network users share bandwidth and computing resources on a peer-to-peer (P2P) basis and earn coins too.
THETA poised for a strong bullish rally
From the technical point of view, THETA bottomed at $0.054 in the middle of March amid the massive sell-off on the cryptocurrency market. The coin has been recovering since that time and by May, THETA already recovered the losses and extended the upside.
If the growth is sustained, THETA may test psychological $1 by the end of the year. The string resistance is likely to slow down the bulls and trigger a downside correction. However, THETA is mostly in uncharted territory now, so the upside momentum may start snowballing if the market enters the state of FOMO (Fear of Missing Out).
THETA, daily chart
On the downside, the critical support is created at $0.65 by a combination of the daily 50 EMA and 100 EMA. If this barrier gives way, the sell-off may be extended to 200 EMA at $0.46.
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