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THETA coin upside breakout ahead of mainnet launch?

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Theta (THETA) had been one of the defy-ers of the bears of the market crash as after a minor setback the cryptocurrency had been moving upwards – although Theta had been trending downwards in the longer timeframes. Theta failed to break out of the downtrend as it pushed upwards and is falling, once again. At the time of writing, the cryptocurrency stands at a price level of $8.40. The price has declined by 7% in the past twenty-four hours while the daily trading volume has gone down by nearly 50%.

Theta (THETA) Technical Analysis

The market sentiment of the eighteenth largest cryptocurrency is bearish. Out of the twenty-six technical indicators, ten are giving out a signal of sell while nine stand at a neutral position and seven are bullish signals of buy. The oscillators are neutral while the moving averages are bearish – suggesting a strong downtrend.

Theta (THETA) technical analysis
Theta (THETA) technical analysis

Theta coin has been identified to be operating in a triangle formation. The cryptocurrency is nearing the end of its formation and a break out is in the books. The price volatility of Theta makes it unclear whether the bears are weighing the bulls down or vice versa. Currently, Theta can be seen testing the resistance at the upper boundary which can be taken as a favorable indication of an upside break out.

Theta’sMainnet 3.0 launch

The fundamentals support an upward break out of Theta as the mainnet 3.0 launch is scheduled for June 30th. The news of the launch has been responsible for the recent upside jumps of both Theta and Theta Fuel – tokens of the Theta network. The network also launched a one-click delegated staking to make yield farming much easier which excited the community. Historical price movements also suggest a price rally to be expected as the mainnet launch nears – as was observed during past launches.

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