2021-12-25 20:34 |
The crypto charts have been in the green zone for most of this week. Therefore, some altcoins have taken advantage of the upswing to create highs and push towards higher ground. Theta (THETA/USD) is one of these coins, and it stands among the best performers in the market during the past 24 hours.
Despite these gains, THETA is around 70% below its record highs. During the past eight months, this token has failed to register any notable gains, and it stands as one of the few popular coins that have failed to reclaim its all-time highs of above $15 after May’s crash.
THETA rebounds with the marketThe price of THETA took a major dive after the market crashed in mid-November. The coin had attempted to make a bullish rally, but it failed to hold these gains because of buyers exiting the market and strong selling pressure.
There is a chance that these gains will hold if the broader market continues to make a bullish rally. Currently, strong resistance for this token lies at $4.75. Despite buyers looking for price-action tokens, it has not broken past this level.
A further uptrend could allow THETA to break past this resistance level and set the next target at $5. The coin was last trading at these levels earlier this month, but a recession in the market prevented it from holding.
THETA dips could be on the wayTHETA has been making major gains in response to the rest of the market. Over the past month, the token has dipped by around 30%, but this could not be over yet. The market is yet to form a strong bullish flag, which means that THETA is still open to much volatility caused by short-term traders.
Currently, the major bottom for THETA lies at $3.80. Such dips could be ignited by selling pressure if the token dips below $4. However, a downtrend towards $3.50 could be a bullish signal, as it could show that the token’s downtrend has reached exhaustion, after which THETA could flip to higher levels.
The post THETA attempts a bull run after a 5% uptrend in 24 hours appeared first on Invezz.
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