Theta price aims for a significant bullish move after Sony Europe joins the blockchain as validator
- Theta price is contained inside an ascending wedge pattern on the daily chart.
- The digital asset has just defended a key support level at $3.1.
- Sony Europe has joined the Theta blockchain validator program
Theta price has been inside a long-term uptrend on the daily chart, but that could change if the bulls can't hold a key support level. On the other hand, a breakout above the upper resistance trendline of an ascending wedge would keep the bulls in control.
Theta price on the brink of a 33% move
Sony Europe is the latest company to join Theta's validator program which will allow the platform to operate an enterprise validator node. Other major firms on the program include Google or Samsung.
Theta Network is quickly moving towards full decentralization with 14 enterprise validators, of which seven are run by Theta Labs and with Sony Europe being our seventh external validator marks an important milestone for the project.
On the daily chart, Theta price has established an ascending wedge pattern. In the past two days, bulls have defended the key support trendline and now aim for a breakout above the upper boundary.
THETA/USD daily chart
Climbing above $4.10 would confirm a breakout with a price target of about $5.45, determined by using the pattern's maximum height as a reference point.
However, bears can still come back if they can push Theta price below the critical support trendline currently established at around $3.2. A breakdown below this point would drive THETA down to $2.21.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
