THETA has risen to 27th place in the global cryptocurrency market rankings, with a market capitalization of almost $1 billion. The token exceeded the crucial $1 mark and hit a new all-time high of $1.07 during early Asian hours on Tuesday, putting it among the best-performing altcoins out of the top-50.
THETA is the 33rd most valuable digital asset, having a market cap of $824 million. Binance and Huobi Global are the most active exchanges for the token.
Despite the fact that the vast majority of digital coins are in the negative, THETA has managed to gain over 9% on a daily basis and 15% on a weekly basis. Binance and Huobi Global are the most active exchanges for the token.
THETA is a peer-to-peer (P2P) platform that allows users to make money by sharing bandwidth and computing resources. It launched in March 2019.
Recently, the devs launched the mainnet update and incorporated smart contract capabilities. Theta Token Minter capability will allow users to generate their own tokens on the Theta blockchain. The team also announced planned upgrades, including the launch of the Theta Wallet Chrome extension and Theta Token Minter functionality.
THETA’s development activity has recently gained traction, according to data provided by the behavioral analytical firm, which is considered a positive long-term indicator.
THETA reached a technical low of $0.054 in the middle of March, amidst a big sell-off in the cryptocurrency market. Since then, the coin has been rebounding, and by May, THETA had already recovered prior losses and increased its upside.
A sustained climb above $1 will pave the way for a new all-time high; but, a short-term drop towards $0.87 could come first.
Nine addresses purchased around 200,000 THETA tokens at around $0.87, according to the In/Out of the Money Around Price (IOMAP) data. This resistance may moderate the sell-off and initiate a new bullish wave. If it breaks, the negative correction may prolong towards the prior channel resistance of $0.77.
THETA Could Reach $1
THETA could test psychological $1 before the end of the year if the surge continues. The bulls are expected to be slowed and a downside correction will occur as a result of the string resistance. However, because THETA is primarily in unexplored areas at the moment, the upside momentum could start to snowball if the market experiences FOMO (Fear of Missing Out).
A mixture of the daily 50 EMA and 100 EMA creates important support at $0.65 on the downside. If this resistance holds, the sell-off might extend to the 200 EMA at $0.46.
On the other hand, a bullish impulse in the cryptocurrency market might increase, creating a sense of FOMO (Fear of Missing Out) for THETA. In this instance, the price may continue to rise at a steady rate.
“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”