Previous article Is Theta Network token now bullish after double-digit gains? Next article Home Latest Cryptocurrency News Is Theta Network token now bullish after double-digit gains? Is Theta Network token now bullish after double-digit gains? By Motiur Rahman - min read 02 August 2022 Theta network has been touted as a next-generation video streaming platform The network faces competition from other networks Theta token has pumped 20% but remains in consolidation mode Theta Network token THETA/USD has returned more than 20% in the past one week. The gains in the last 24 hours were 2.46% as of press time. The gains consider that THETA has been relatively subdued despite other cryptocurrencies surging. Theta Network promises to revolutionize video streaming through the blockchain network. By becoming the next-generation video blockchain network, Theta will rival YouTube. That was evident mid-last year when the network saw exponential growth. This year, however, Theta has been beset with challenges. It is yet to live to the hype of being a YouTube rival. The booming metaverse applications with almost everything in virtual space have also been a threat. Protocols such as Axie Infinity have been preferred by gamers. However, once Theta proves its course, it is bound to rise. Recent gains attest to expectations of a price pump. But is the token bullish now? Theta trapped in a consolidation zone despite latest gains Source – TradingView On the daily chart technical outlook, Theta token has been very stable above $1.06 support. The token has held to this key level since May. It suggests sellers’ exhaustion and the potential entry of buyers. Nonetheless, the $1.45 resistance has always taken the price back for every surge. That makes the consolidation zone a level to watch. Moving averages and MACD indicators show a bullish momentum for THETA. Our assessment suggests that a break above $1.45 will confirm bullish momentum. Already, THETA has shown the likelihood of a breakout. Investors should watch the token over the next few days. Summary Although Theta token is in the consolidation zone, a potential breakout is on the cards. The token has been stable since May, and a breakout would attract more buyer interest. Share this article Categories Analysis Tags Altcoins Cryptocurrency News THETA News