THETA Reaches 3-Month High While Close to 17% Rally on Friday – Market Update Bitcoin News


Theta network traded at its highest point in three months on Friday, as prices broke through a key resistance level. Today’s move comes as crypto markets have been mostly higher in the session, up 2.86% as of writing. It rose close to the protocol by 17%, also hitting its highest in several months.

Theta network

The Theta Network was a notable gainer on Friday, with prices up around 16% in today’s session.

Friday’s rally saw the coin reach an intraday high of $1.65, which comes less than 24 hours after trading as low as $1.37.

Today’s rally sees THETA/USD rise to its highest point since May 11, when the price was at its peak at $1.84.

Biggest Drivers: Theta hits a 3-month high, while nearing a 17% rally on Friday
Theta / USD – daily chart

Looking at the chart, the move came when Theta broke out of the key resistance level at $1.57, two days after its last attempt to cross this hurdle.

This comes as the Relative Strength Index (RSI) has also moved past its own ceiling at 62 and, as of this writing, is tracking at 65.30.

This is the highest price strength recorded since April, and comes with Theta entering the overbought territory.

Bears may be looking to re-enter the market in the coming sessions as a result.

Near Protocol (NEAR)

Close to Protocol (NEAR) traded higher than THETA on Friday, with the coin up as much as 17%.

After dropping $4.33 on Thursday, NEAR/USD surged to a high of $5.19 earlier in today’s session.

Like THETA, this rally came as the protocol break approached the long-term resistance level at $4.80.

Biggest Drivers: Theta hits a 3-month high, while nearing a 17% rally on Friday
NEAR / USD – daily chart

This ceiling has been in place since June 10, which was the start of a five-day bearish streak that pushed the price to as low as $3.11.

Since rebounding from those declines, the 14-day RSI has moved from a low of 36.51 on June 14, to now retracing at 68.

As a result, prices are now overbought, although the bulls seem eager to move higher, as they are targeting a ceiling at $5.55.

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Do you expect the nearby protocol to rise further, despite the overbought? Let us know your thoughts in the comments.

Eleman Dambel

Eliman offers an eclectic view of market analysis, having worked as a brokerage manager, retail trading educator and market commentator on Crypto, Stocks, and FX.




photo credits: Shutterstock, Pixabay, Wikicommons

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