Which level should THETA exceed for the bull run?

Theta Network ($THETA ), which has broken through the $ 1.7 region, is about to test critical resistance points for a potential bull run.

The smart contract platform Theta Network has attracted new investors in recent days. The rise of major altcoins such as Stellar, Ripple and Cardano has increased interest in Theta Network.

TheCryptoBasic gave a bullish signal for THETA, which has increased by over 10 percent in the last 24 hours. The analysis drew attention to a break above Fibonacci levels.

According to a prepared chart analysis, #THETA price is expected to touch the $ 2.5 resistance in the near term. The analysis emphasized that THETA, which has broken above the 200-day moving averages and the basic Fibonacci levels, has gained positive momentum.

The chart shows that #THETA has exited the accumulation phase. The support level of the said phase increased from $ 1 to $ 1.59. THETA is expected to continue to rise as long as it maintains $1.59.

As can be seen in the chart, THETA rose from $1 to $1.71 in 15 days. Behind the 71 percent increase lies Donald Trump's victory in the presidential elections.

It was stated that THETA, which rose along with market sentiment, should quickly reach $1.95. The analysis included the following statements;

"The immediate target for the #THETA price will be $1.95. This level is in line with the 38.20 percent Fibonacci retracement, making it a significant resistance point."

The fact that the 50 and 100-day EMAs gave an upward signal also had a positive impact on $THETA . While investors increased their risk appetite, THETA's Relative Strength Index (RSI) gave an overbought signal.

TheCryptoBasic predicted that there may be a small correction in the altcoin, but the price will continue its positive trend in the long term. In the analysis, it was stated that if the $ 2.5 resistance is overcome, the price will reach $ 2.53. On the other hand, THETA may decline to $ 1.4298 if it loses the $ 1.59 support.