The Theta network traded at its highest level in three months on Friday as prices broke through a key resistance level. Today’s move comes as the crypto markets have mostly rallied during the session, up 2.86% at the time of writing. The near protocol rose by 17%, also fixing multi-month highs.
Theta network (THETA)
The Theta Network (THETA) was one of the notable gainers on Friday as prices rose almost 16% in today’s session.
Friday’s surge saw the token reach an intraday high of $1.65, less than 24 hours after trading at a low of $1.37.
Today’s rally shows THETA/USD climbing to its highest level since May 11, when the price peaked at $1.84.
Looking at the chart, the move came as THETA broke through its key resistance level at $1.57, two days behind its last attempt to clear this hurdle.
This comes as the Relative Strength Index (RSI) has also surpassed its own ceiling of 62 and is trading at 65.30 at the time of writing.
This is the highest point of price strength since April and it happened when THETA entered overbought territory.
As a result, the bears may return to the market in the upcoming sessions.
Near protocol (NEAR)
The Near Protocol (NEAR) traded even higher than THETA on Friday, with the token gaining as much as 17%.
After a low of $4.33 on Thursday, NEAR/USD peaked at $5.19 early in today’s session.
Like THETA, this high came as the protocol almost broke through its long-term $4.80 resistance level.
This ceiling has been in place since June 10, when a five-day bear streak began that saw the price drop to a low of $3.11.
After recovering from these dips, the 14-day RSI has gone from a low of 36.51 on June 14 to 68.
As a result, prices are now overbought, although the bulls seem to be looking to move even higher as they target the $5.55 ceiling.
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Do you expect further gains near the protocol despite being overbought? Let us know your thoughts in the comments.
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Credit : news.bitcoin.com