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- After having astonishing returns of more than 100% in a month, Theta is constantly providing enhanced returns to investors each day
- The current bullish rally helped the token to reach its All-Time high of $10.50
- Technical levels suggest that Theta coin is still running in its accumulation phase
The weekly chart of THETA highlights the significant bullish momentum developed by the price levels supported by positive fundamentals. The bulls broke above the resistance level of $7.00, creating a new All-Time high of around $10.50. At such bullish levels, the selling pressure kicked in, which forced the price levels to face retracement. However, Theta price quickly bounced back after testing the major support level of $8.50. The CMP is placed at $10.25 with an overall gain of 14.50% over the day. The market capitalization has reached $10.28B, while the 24-hour volume traded is $816.45M.
Theta price bounced back after testing the support region
On the hourly candlestick, Theta price built a massive bullish trend which started around the price level of $4.00 and more than doubled its value by making a new ATH of $10.50. The crypto asset faced immediate corrections after triggering an extreme resistance trajectory. However, Theta price had significant support placed at 0.6618 Fib level. As mentioned earlier, the price levels did bounce back from the mentioned support and now creating new All-Time Highs.
Acculumation/Distribution (Bullish): The levels indicate that there is still an ongoing accumulation phase for Theta besides the price levels reaching an extreme bullish trajectory. This certainly indicates that the investor’s interest in the cryptoasset is still in rising mode.
RSI (Bullish): The relative strength index is currently showcasing positive nature and had a breakout above the overbought region. The current level stands at 83.94.
MACD (Bullish): The levels are showcasing bullish nature with a bullish crossover above the histogram. Green bars have started to form on the histogram indicating more positive momentum to come for Theta
Will Theta Continue to Discover New Price Zones?
With the network hard fork on March 10, Theta had ample buying volume to reach its new ATH. However, there is still plenty of room for protocol development. Theta 3.0 mainnet launch indicates that this might be a glimpse of the bullish rally and even more to come in the upcoming trading sessions.
Support Level: $6.30 (0.618 fib level)
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
