Despite the bearish outlook of the whole cryptocurrency market, Theta (THETA) cryptocurrency is on a roll. The cryptocurrency is establishing a new all-time high every day. Theta was trading for only $1.5 before the new year started but when the bulls picked up, the cryptocurrency exploded. Theta coin has been on a steady upward trend since the end of February.
Theta has established its all-time high at the current price of $14. In the 24-hour timeframe, the price of Theta went up by 20% while the daily trading volume has surged by 120%. With a market capitalization of $14,117,128,154, the cryptocurrency stands at ninth rank in the market. The market capitalization of Theta coin has also been going up. In the yearly window, the cryptocurrency’s performance has shot up by a whopping 5800%.
Technical analysis
The market sentiment for Theta continues to be bullish and it appears the trend will be continued by the cryptocurrency in the coming days. Out of the total technical indicators, eight stand at a neutral position while sixteen are giving out an indication of buy with just two sell indications.
Traders are bullish on the cryptocurrency too as the market has been dominated by buyers. A trader has set up a very optimistic price target of 65$ for the cryptocurrency. Per the trader, the technical of the coin are supporting its steep upward trend and the bulls of Theta show no signs of slowing down anytime soon. Hence, according to the trader, Theta will be trading at a price level of $65 by the end of April.
Theta (THETA) coin has broken many major resistance levels in the establishment of the current all-time high. The coin has support at the price level of $13.50 followed by $12.20.
Where is Theta headed?
Will the price of the cryptocurrency sustain? Or are strong market corrections underway? It is no doubt that eventually the market is going to be in the grips of the bears but is that day any time near or will Theta have strengthened so much that even the bears won’t be able to harm it?
Theta entering the top ten cryptocurrencies has been a major development for the cryptocurrency but it should not have come as a surprise as Theta had been one of the best performing cryptocurrencies for the past week or two. Theta coin has outperformed major cryptocurrencies and is garnering increasing interest. The future for cryptocurrency seems bright and it can, very likely, climb up the market ranking ladder especially if it continues the current pace. Traders are giving out price targets from $20 to $65.
