• THETA price is trading above key support levels, rising 12.93% to above $1.20
• Bullish outlook for the THETA token is validated by strong support on the downside and technical indicators pointing upward
• If THETA price manages to break out of the current channel pattern, it could move up to $1.34, a 14% increase from current levels
THETA Price Rises 13% To $1.20
The Theta Network token’s price has been on a steady climb since the start of the New Year, with Tuesday seeing a 12.93% uptick that took it above $1.20.
Technical Setup For Investors
The daily time frame reveals an ascending parallel channel, with bulls determined to scale the price higher and bears focused on undoing yesterday’s gains. The immediate support level comes in at $1.16 while resistance sits at $1.24; if broken through, there exists potential for a 14% move up to $1.34 in play.
Downside Support Validates Bullish Outlook
Strong support can be found on the downside should prices dip below those figures mentioned above: namely, the middle boundary of the rising channel at $1.16, lower boundary at $1.07 and finally – most importantly – the psychological level of $0.90 which converges both 50-day and 100-day SMAs together as one barrier against further losses in value for THETA token holders..
Technical Indicators Point Upward
Moving averages and MACD indicator are all facing upwards signifying that bullish momentum is here to stay; perhaps even gaining more strength due to strong underlying fundamentals such as increasing partnerships with major tech firms like Samsung & Google Cloud Platforms or successful launch of mainnet v3..
Time To Buy?
Given this technical analysis setup and bullish sentiment surrounding Theta Network token right now, there may be no better time than now for investors considering entering into positions with long-term holds or short-term trades alike given its low risk/high reward ratio currently being offered by markets across all exchanges worldwide..