- The Theta price is trading above $ 7 after rising 17% in 24 hours.
- Bullish THETA follows news that Google is re-allowing crypto ads.
- Sustained bullish momentum could propel THETA towards the psychological level of $ 10.
The THETA price has risen 17.75% in the past 24 hours, from $ 6.10 to $ 7.15 as the bulls roar. That bullish leg pushed Theta to highs of around $ 7.40 on Thursday, as investors appear to react to news that Google News is once again allowing crypto advertising.
Google Allows Crypto Ads For US-Based Crypto Companies
On August 3, Google made an announcement updating the June 2021 policy on financial products and services that the tech giant allowed ads related to Bitcoin, Theta and other cryptocurrencies, although ‘with restrictions.
Google’s new crypto add policy went live yesterday and allows U.S. cryptocurrency companies to advertise their products and services. Companies must meet the following conditions to be certified by Google:
- “Be duly registered with FinCEN as a money services business and with at least one state as a money transmitter; or a federal or state chartered banking entity.
- Comply with relevant legal requirements, including all local legal requirements, whether state or federal.
- Make sure their ads and landing pages comply with all Google Ads rules“
It should be noted that Google still does not allow ad destinations that compare or aggregate cryptocurrency service providers. Advertising related to DeFi and ICOs (Initial Coin Offerings) is also not allowed.
Since the Theta Network is one of the US-based crypto wallets, this news may be the reason for the tailwind behind THETA’s current bullish rally.
Theta price is trading above the $ 7.0 mark
At the time of writing, the Theta price hovers around $ 7.17 on crypto exchanges and appears to be fighting indirect pressure from the 200-day SMA at $ 7.25.
Note that THETA needs to break the 200 day SMA to maintain the bullish momentum. If this happens, the Theta price could exceed the 100-day SMA, near the psychological level of $ 7.5. Greater aspirations and a positive bullish sentiment that could come with the Google news could push the price of THETA to the June 18 high above the $ 10 zone in the longer term. To achieve this, THETA will need to overcome major resistance at $ 9.04.
THETA Daily Price Chart
This bullish narrative is accentuated by the movement of the Moving Average Convergence Divergence Line (MACD) (blue) above the signal line as seen on the daily chart. The bullish bias will be further validated, once the MACD moves further into the positive region away from the midline.
Additionally, the movement of the Relative Strength Index (RSI) towards the oversold zone shows that the bulls are in control of THETA.
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Look over the fence
Note that if the bullish momentum cannot be sustained, Theta could fall below the $ 6.11 support wall to the $ 50 SMA or more below the psychological level of $ 5.0.
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