Theta, the 51st ranked cryptocurrency in terms of market capitalization according to online tracker koingecoIt is now performing relatively well as it remains in the green zone as far as its short term and long term price monitoring is concerned.
- Theta is completely green on the charts except for its year-over-year progress.
- Altcoin sits on 17.2% 14-day rise
- Theta is likely to test the $1.2 resistance area
At press time, the asset is trading at $1.16 and is up 1.5% from the previous day. On the weekly and biweekly time frames, the crypto gained 16.8% and 17.2% respectively. Moreover, the altcoin is also up 5.9% in the last 30 days.
It is still enjoying some residual momentum from the rally that the crypto market did a few days ago, but there is still a long way to go if it manages to reach its all-time high of $15.72 on April 16, 2021. hopes.
Nevertheless, THETA is still one of the better performers of the crypto space, but interested buyers should consider knowing about its price analysis before deciding to make a deposit.
diving into theta price action
The cryptocurrency market has been full of uncertainty over the past two months and has also been plagued by massive selloffs of various assets.
Theta managed to bow in spite of all this and in doing so, its value fell. pattern Because it was fast but eventually leading to immediate improvement.
During the past five days, the charts of the altcoin were filled with green candles as it climbed up $1.2 up to 15% on the way to the marker’s test.
Meanwhile, the asset’s Relative Strength Index (RSI) has entered the overbought zone, indicating that aggressive buying by traders is needed to somehow stabilize the price rally.
Furthermore, during the recent crypto market rally, Theta price rose sharply and, due to its current pattern, needs to correct before resuming its recovery and eventual upward movement.
Price forecast for crypto assets
As suggested earlier, the next few days will be painted red for Theta as it moves towards its imminent price stabilization.
According to coincodex, Over the next five days, the asset will drop slightly to trade at $1.15. A sharp correction will occur within the next 30 days as it could drop completely to $0.58.
The coin has 17 technical indicators showing bearish signals and has settled in the fear zone of the Fear and Greed Index.
However, investors and potential buyers should remember that if Theta does hold to the nature of its pattern, it will try to bounce back and rally of its own after the price drops.
Theta market capitalization on the daily chart at $1.16 billion | Featured image from BlockchainReporter, chart: TradingView.com
Disclaimer: The analysis represents the personal views of the author and should not be construed as investment advice.