Theta Eyes 7.352 after Consolidation. Buy at These Two Points

August has been a good month, so far, for the broader cryptocurrency industry. With a majority of cryptocurrencies surging higher, Theta token has not been left behind.

A spot-check of THETA/USD shows that, at the time of writing, it was trading at 6.897, just below the major resistance at 7.352, with a strong bullish momentum underway.

Let’s Have a Clear Look at How Theta Has Been Doing Lately:

THETA/USD – A Technical Outlook

Theta 4-Hour Chart Analysis

A look at the 4-hour THETA/USD chart shows that the token has been consolidating from July 25 to August 5. The consolidation began with the strong bullish momentum of the token, as from July 20. Now, the token has managed to surge past the consolidation area and the 5.849 support, as the bulls take control.

The surge in Theta was fueled by news that the crypto token’s blockchain can now be accessed via the Metamask plug-in. This is big news for Theta, in its bid to expand compatibility with the world’s second largest cryptocurrency, Ethereum. Consequently, Theta will bid for higher prices in the long term.

Based on the previous outlook, I projected that THETA/USD would hit 7.236 and potentially even 8.411, following the bullish momentum that was developing. Buyers booked profits at the 7.202 level, just slightly below the targeted price.

THETA/USD is now retreating from the 7.202 level, and we expect a further jump in prices after the correction. Another rise could see the pair hit the next targets of 7.352, and potentially even 8.41.

Watch These Key Areas for a Buy in THETA/USD

6.668 – This level has acted as a minor support/resistance before. With THETA/USD now above this level, I expect prices to be contained here before rising again. We will continue to monitor this level for potential buy signals on THETA/USD.

5.849 – If THETA/USD manages to breach the 6.668 level, I expect prices to move lower to the support at 5.849 or slightly above it. It is a major support where the pair consolidated before moving higher, and Theta bulls will be keen to buy at this point.

Good Luck!