The decentralized blockchain-based video delivery network, Theta Network’s native token, THETA, has risen from being an underdog to cracking the top 10 list of CoinMarketCap. The token is now the world’s ninth-largest cryptocurrency by market cap after it raked in profits of nearly 100%
It surpassed several popular coins such as Bitcoin Cash [BCH], Litecoin [LTC] as well as the DeFi token Chainlink [LINK], along the way to climb the leaderboard. The crypto-asset has been on a steady rise since the beginning of the year. But it was in the month of March when it saw a massive breakthrough as the price surged parabolically.
THETA was currently worth $13.64 after an appreciation of 20.67% over the past day. It recorded a market cap of $13.7 billion and a 24-hour trading volume of $2.86 billion.
THETA Daily Price Chart:
THETA followed a massive uptrend which does not appear to hit a pause in the current level. In fact, it has even outperforming Bitcoin’s late-2020 rally.
Validating the presence of the bullish phase, the gauge between the 100 DMA [Blue] and the 50 DMA [Pink] continued to go steady after the bullish crossover over three months back. The crypto-asset found significant support from the daily moving averages which were also sloping up in tandem with the price candles.
The Chaikin Money Flow [CMF] noted a minor dip depicting a reduction in capital inflow into the coin market and hence a potentially bearish reversal. The MACD, however, indicated a strong buying demand with the ongoing bullish trend.
The RSI shot above the overbought zone depicting a sentiment of strong buying pressure in the market as THETA continued to hover close to its all-time high.
The above chart noted that the bulls are in command right now. Hence, THETA could potentially climb to new heights. However, a scenario of a shallow correction or a range-bound consolidation could also come into transpire. In which case, the immediate support levels such as $8.2 and $6.79 could be at play.
Published at Wed, 24 Mar 2021 17:00:00 +0000