Theta (THETA) is currently consolidating as bulls take a break across the crypto market. At the time of publication, THETA was trading slightly up at $4.13, while the rest of the market trades in red. According to CoinMarketCap data, Theta was up 3.45% in the last 24 hours. Optimism surrounds the upcoming launch of the ThetaDrop nonfungible token (NFT) marketplace. The launch of the TDROP token draws closer with distribution to Theta stakers coming up on Feb. 1. TDROP is a new TNT-20 token natively built on Theta blockchain, that rewards NFT liquidity mining, provides decentralized governance via TDROP staking, and rewards Theta validators and guardians. On Feb. 1, every THETA holder that staked between Aug. 1, 2021, and Jan. 15, 2022, will receive a proportional share of the 1.33 billion TDROP initially distributed to stakers.
Key Levels
Resistance Levels: $6.08, $5.31, $4.50
Support Levels: $3.75, $2.50, $1.50
THETA/USD Daily Chart THETA is consolidating after a slight rebound within the $3.75 -$3.50 zone. The recent top at the end of the 2021 year around $6.08 became a strong resistance to crack. Some buyers have exited and reassessed the trend after a dip below the $4.50 zone. The current consolidation indicates near-term market indecision.
A rise above the psychological level of $3.75 has so far struggled to boost buyers’ confidence. This may only happen if THETA/USD reclaims the $5.0 level. On the downside, a fall below $3.75 would send the price to $3.50 and below. The overall outlook is ranging, although buyers would have to breach above the moving average (MA 50) for sentiment to shift.
THETA/USD 4-Hour ChartOn the lower time frame, the relative strength index has risen above its 50 neutral levels, implying a mixed picture from short-term momentum indicators. Despite being below 60, the THETA/USD price is above its 4-hour moving average (MA 50), indicating that the negative bias is diminishing.
If the bears maintain their lead, initial support might be located at the $3.75 level. If the price moves decisively below this level, it may challenge the $3.50 level. A breach below the latter could strengthen selling forces, directing sellers’ attention to the $0.25 level from Feb. 2021.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
