The Theta network traded at a three-month high on Friday as the price broke a key resistance level. Today’s move comes as the cryptocurrency market is mostly higher intraday, up 2.86% as of this writing. Near protocol rose 17%, also hitting a multi-month high.
Theta Network (THETA)
Theta Network (THETA) was one of Friday’s notable gainers, as prices rose nearly 16% in today’s trade.
Friday’s surge took the coin to an intraday high of $1.65, less than 24 hours after it traded at a low of $1.37.
Today’s rally has seen THETA/USD climb to its highest since May 11, when the price peaked at $1.84.
Looking at the charts, the move came as THETA broke above its key resistance level at $1.57, two days after its last attempt to cross the barrier.
Meanwhile, the Relative Strength Index (RSI) has also breached the upper limit of 62, tracking a level of 65.30 at press time.
This is the highest price strength since April and comes as THETA enters overbought territory.
Therefore, the bears are likely to re-enter the market in the upcoming session.
Near Agreement (NEAR)
On Friday, Near Protocol (NEAR) traded even higher than THETA, with the token gaining as much as 17%.
After hitting a low of $4.33 on Thursday, NEAR/USD reached a high of $5.19 earlier in the day.
Like THETA, the high came close to the agreement breaking out of its long-term resistance at $4.80.
That ceiling has been in place since June 10, the start of a five-day bearish streak that pushed prices to a low of $3.11.
Since rebounding from these declines, the 14-day RSI has fallen from a low of 36.51 on June 14 to 68 now.
As such, the price is now overbought, although the bulls seem keen to move higher as they target a ceiling at $5.55.
Sign up for your email here to get weekly price analysis updates delivered to your inbox:
Despite being overbought, do you expect a further surge close to a deal? Let us know your thoughts in the comments.
Image Source: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for reference only. It is not a direct offer or an invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.