- Theta price trades above $7 after rallying 17% in 24 hours.
- Bullish THETA follows news that Google is allowing crypto ads again.
- Sustained bullish momentum could propel THETA towards the $10 psychological level.
The THETA price has rallied 17.75% over the last 24 hours from $6.10 to $7.15 as bulls roar back. This bullish leg pushed Theta to highs of around $7.40 on Thursday as investors appear to be reacting to the news that Google news allowing crypto advertising again.
Google Allows Crypto Ads for US-Based Crypto Companies
On August 03 Google made an announcement updating the June 2021 Financial products and services policy that the tech giant was allowing ads related to , Bitcoin, Theta and other cryptocurrencies albeit with restrictions.
Google’s new crypto adds policy went live yesterday and allows US cryptocurrency firms to advertise their products and services. The firms would need to meet the following requirements 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 bank entity.
- Comply with relevant legal requirements, including any local legal requirements, whether at a state or federal level.
- Ensure their ads and landing pages comply with all Google Ads policies”
It is worth noting that Google is still not allowing ads destinations that compare or aggregate providers of cryptocurrency services. Advertisements related to DeFi and ICOs (Initial Coin Offerings) are also not permitted.
Since the Theta Network is one of the US-based crypto wallets, these news may be the reason be the hind wind behind the current THETA bullish rally.
Theta Price Trades Above the $7.0 Mark
At the time of writing, the Theta price hovers around $7.17 on crypto exchanges and appears to be battling overhead pressure exerted by the 200-day SMA at $7.25.
Note that THETA needs to shatter the 200-day SMA to sustain the bullish momentum. If this happens, the Theta price could surge above 100-day SMA near the $7.5 psychological level. Greater aspirations and positive bullish sentiment that may come with the google news could bolster the THETA price to the June 18 high above the $10 zone in the longer term. To achieve this, THETA will have to overcome major resistance at $9.04.
THETA Price Daily Chart
This bullish narrative is accentuated by the movement of the Moving Average Convergence Divergence (MACD) line (blue) above the signal line as seen on the daily chart. The bullish bias will be validated further , once the MACD moves away further into the positive region away from the midline.
Furthermore, the Relative Strength Index (RSI) movement towards the oversold zone shows that the bulls are in control of THETA.
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Looking Over The Fence
Note that if the bullish momentum cannot be sustained, Theta could fall below the $6.11 support wall at the $50-day SMA or further below to the $5.0 psychological level.
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