• THETA price rose 12.93% to trade above $1.20 on Tuesday, adding to the gains since the start of the New Year.
• The price action was defined by a series of higher highs and higher lows leading to an ascending parallel channel on the daily time frame.
• Bulls were determined to scale the price higher with strong support from key levels such as the middle boundary of the rising channel at $1.16 and lower boundary at $1.07, embraced by 200-day SMA.

THETA Price Rises 13%

The THETA token rose 12.93% to trade above $1.20 on Tuesday, adding to its gains since the start of the New Year. This rally was marked by a series of higher highs and higher lows leading to an ascending parallel channel on the daily time frame.

Bulls Determined To Scale Higher

Bulls were determined to take THETA’s price even higher with strong support from key levels such as the middle boundary of the rising channel at $1.16 and lower boundary at $1.07, embraced by 200-day SMA. In addition, technical indicators such as moving averages and MACD all supported a bullish outlook for THETA’s price action in coming sessions.

Key Resistance At $1.20

The immediate resistance level that bulls need to breach is around $1.20 – which is a psychological level for traders – in order for them to gain more ground over bears in coming sessions; if this happens then we could possibly see a 14% rise towards major resistance level at around 1$34 in next few days time period..

Technicals Validate Bullish Outlook

Technical indicators validate this bullish outlook with increasing momentum behind it; moving averages suggest that there will be more upside while MACD signals upwards trend continuation in near future as well – both pointing towards success of bulls‘ strategy against bears‘.

Conclusion

In conclusion: despite current market conditions being uncertain due to coronavirus pandemic and other macroeconomic factors, investors should carefully assess their risk appetite before investing into any asset class such as cryptocurrencies like Theta Network (THETA). Technical analysis suggests that there may be short term upside potential for THETA but no one should put all eggs into one basket when trading digital assets as markets can be unpredictable sometimes!