• The THETA price rose 12.93% on Tuesday, trading above $1.20
• Bulls are attempting to push the price higher with an ascending parallel channel on the daily time frame
• Support is provided by the middle boundary of the channel at $1.16 and key psychological levels, such as $0.90
Theta Price Rises 13%
The Theta Network token saw a 12.93% increase in price on Tuesday, bringing its value up to over $1.20. This adds to the gains made since the start of 2021 and suggests that bulls are determined to push it even higher.
Technical Setup
Technical analysis reveals that an ascending parallel channel has formed on the daily time frame, with support from various key psychological levels such as $0.90 and from boundaries like the middle boundary of the channel at $1.16. Moving averages and MACD also point towards a bullish outlook for THETA price movement, with prices currently trading at around $1.17 and potential breakout points being set at around $1.20 and later at $1.34 for an additional 14%.
Positive Outlook
The positive outlook for THETA has been further validated by strong support from various areas mentioned above as well as from indicators like moving averages and MACD which both point towards a bullish future for Theta Network token prices moving forward.
Analysis
Investors should take into consideration all aspects of technical analysis as well as other factors when deciding whether or not to buy THETA tokens now or wait until there is more information available about their performance in order to make an informed decision about their investment strategy going forward.
Conclusion
Overall, it appears that bulls have been successful in pushing THETA prices upwards recently and these gains could continue if support from various levels remains strong while also considering external factors like news releases or developments in technology related to Theta Network tokens that could affect how they perform in markets going forward