March 15, 2021 6:34 am EDT THETA Price Analysis: A Breather After Gas Token Fuelling Theta had ample buying volume to reach its new ATH After having astonishing returns of more than 100% in a month, Theta is now facing profit booking momentum Past bullish rally helped the token to make a new ATH of $8.00 Technical levels suggest that the ongoing downtrend will last till the support level of $6.30 Source: Coinmarketcap
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 $8.00.At such bullish levels, the selling pressure kicked in, which forced the price levels to face retracement during the current market session.The CMP is placed at $6.90 with an overall loss of -6.2% over the day.
The market capitalization has reached $6.94B, while the 24-hour volume traded is $515.45M.
How Theta’s gas token has been driving prices sky-high?
The dual token model in the cryptoverse has been adopting various coins.When the Theta mainnet launched in 2019, Theta Fuel was created to be the protocol’s operational token.
The gas token basically helps to power on-chain operations like sending payments and deploying smart contracts.The holders basically stake THETA in the validator, and the guardian nodes help to safeguard the network and get TFUEL as per the reward system.A total of 57.96% of the available 1billion THETA are already staked on the network.Theta price to bounce back after testing the support region Source: TradingView – Advertisement –
On the hourly candlestick, Theta price built a massive bullish trend which started around the price level of $4.00 and doubled its value by making a new ATH of $8.00.The crypto asset faced immediate corrections after triggering an extreme resistance trajectory and currently showcasing negative nature.However, Theta price is having significant support placed at 0.6618 Fib level.If the support level is tested, Theta will have 40% retracement from it’s All-Time high.
Any further corrections below the mentioned support line could be a significant bearish indication for the upcoming trading sessions.
RSI ( Bearish ): The relative strength index is currently showcasing negative nature and looking vulnerable for a dip towards the oversold region.This may help the price levels for a positive bounceback, but the depletion can be a concern.The current level stands at 40.39.
MACD ( Bearish ): The levels haven’t shown any positive signs for recovery after the bearish crossover resulting in the fall below the histogram line.The red bars formed on the histogram reflect Theta’s selling pressure.Is there a buying-on-dip opportunity for Theta?
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.
Resistance Level: $8.00
Support Level: $6.30 (0.618 fib level) How useful was this post? Click on a thumb to rate it! Submit Rating We are sorry that this post was not useful for you! Let us improve this post! Tell us how we can improve this post? Submit Feedback.
