Theta Network (THETA) is experiencing a busy weekend, posting double-digit gains since Saturday, in keeping with our forecast of a price reversal ever since it bounced off a key support level. At the time of writing, THETA/USD is trading at around $6.11, marking almost 35% gains over the past week.

The cryptocurrency has experienced increased interest among investors ever since the market sentiment towards digital assets as a whole improved a few days back. Traders are clearly cheering Bitcoin’s return above the $34,000 level, and as the undisputed leader among cryptocurrencies, the bullish mood towards BTC has helped generate higher buying interest in other coins as well, with THETA being one of the beneficiaries.

In addition, the bullish mood towards Theta Network could also be driven by reports suggesting that leading crypto exchange Coinbase is planning to list its token for trading on its platform. As a leading cryptocurrency exchange based in the US, a listing on Coinbase could drive significant attention towards trading the digital asset, by boosting investor confidence in it.

This news comes a few days after the world’s leading crypto exchange, Binance, included THETA among its over-the-counter (OTC) offerings, allowing its members to trade this cryptocurrency against leading peers, including Bitcoin, USD Coin, Binance USD and USD Tether. After trading bearish over the past several weeks, will we see the reversal gain further momentum in the near-term? \

Key Levels to Watch

On the 4-hour chart of THETA/USD, moving averages as well as the MACD indicator are suggesting a strong bullish bias among investors, making it an interesting time to go long on the pair. However, the token still faces some bearish pressure, as we can see from leading technical indicators momentum and Stochastics RSI.

At the moment, Theta Network’s price is holding comfortably above the pivot point at $4.91 and has even broken past the first resistance level at $5.51. Looking ahead, keep an eye on the next resistance level coming up soon at $6.59, as a break above this can see buyers face a test at the $8.26 mark which is also acting as resistance.