THETA Hits 3-Month High, While Almost Up 17% on Friday – Market Updates Bitcoin News
The Theta network traded at its highest point in three months on Friday as prices broke out of a key resistance level. Today’s move comes as crypto markets were mostly higher in the session, climbing 2.86% at the time of writing. Near protocol rose 17%, also registering multi-month highs.
Theta Network (THETA)
The Theta Network (THETA) was one of Friday’s notable winners, as prices rose nearly 16% in today’s session.
Friday’s surge saw the token hit an intraday high of $1.65, which comes less than 24 hours after trading at a low of $1.37.
Today’s rally sees THETA/USD rise to its highest point since May 11, when the price peaked at $1.84.
Looking at the chart, the move came as THETA broke out of its key resistance level at $1.57, which is two days removed from its last attempt to break past this hurdle.
This comes as the relative strength index (RSI) also moved past a separate ceiling of 62, and at the time of writing it follows at 65.30.
This is the highest point price strength has reached since April, and comes as THETA has entered overbought territory.
Bears may look to re-enter the market in upcoming sessions as a result.
Near Protocol (NEAR)
Near protocol (NEAR) traded even higher than THETA on Friday, with the token climbing by as much as 17%.
After a low of $4.33 on Thursday, NEAR/USD rallied to a high of $5.19 earlier in today’s session.
Like THETA, this high came when the near protocol broke out of its long-term resistance level at $4.80.
This ceiling was held since June 10, which was the beginning of a five-day bearish streak that pushed the price to a low of $3.11.
Since rebounding from these declines, the 14-day RSI has moved from a low of 36.51 on June 14, to now stand at 68.
As a result, prices are now overbought, although bulls look set to move even higher as they aim for a ceiling of $5.55.
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Do you expect the close protocol to increase further, despite being overbought? Let us know your thoughts in the comments.
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