If history repeats itself and the close relationship between the United States stock markets and Bitcoin continues, it could bode well for the crypto markets in the near term.
Theta Network (THETA) has been hovering between $2.50 and $4.40 over the past few weeks. The bulls tried to push the price above the overhead resistance, but these attempts proved negative. This indicates that the bears are aggressively defending this level for THETA.
If the price does not drop below $3.80, it will show that traders are not closing their positions in a hurry as they expect the upward movement to continue. The ascending 20-day EMA of $3.54 and the RSI near the overbought zone suggest the path of least resistance is up.
Buyers will signal the start of a possible uptrend if the price rises above the overhead zone between the $4.40 and $4.77 200-day SMA. THETA/USDT pair could gain momentum later and rally to $6.00. Contrary to this assumption, if the price breaks below the 20-day EMA, the next stop could be the 50-day SMA at $3.17.
The 4-hour chart shows that the bears and bulls have repeatedly blocked attempts to push the price above the overhead resistance at $4.40. The 20-EMA has flattened out and the RSI is near the midpoint, suggesting a balance between supply and demand. If the price breaks below the 50-SMA, the short-term advantage may be in favor of the sellers. The price could then drop to $3.50. On the other hand, if the price breaks above the overhead resistance and continues, the bulls will gain the upper hand.
Theta Network price is $4.02 at the time of writing, with a 24-hour trading volume of $176,172,974, according to CoinGecko data. THETA price is down -2.1% in the last 24 hours.
What is Theta Network?
Theta Network stands out as a project that aims to reduce the operating costs of video streaming services such as YouTube. Such services can use Theta's peer-to-peer networking service to reduce the load on the content delivery network and make it efficient.
Those who join Theta Network get paid to share video content with other users. Video streaming sites pay for this service. To pay for data transferred, the network uses a token called TFUEL. When someone shares video content, the receiving video site pays them in TFUEL. Theta Network also has a second token called THETA. It is a governance token designed to help the community manage the Theta Network and determine its future direction.