THETA / USD climbed to an all-time high of $ 11.93 amid heightened buying pressure
The price of THETA has fallen slightly from its intraday high, but remains up almost 20% in the last 24 hours and almost 10% in the last hour. The cryptocurrency has also held up well against Bitcoin and Ethereum, with the THETA / BTC and THETA / ETH pairs up more than 25% in the past 24 hours.
Intraday trading volume for Theta is up 102% while THETA ranks 10th on CoinMarketCap at $ 11.5 billion with a 19% increase in market cap.
The native token on the decentralized video streaming theta blockchain is currently via ChainLink (LINK) and Bitcoin Cash (BCH).
THETA / USD
The price of theta has risen sharply since the beginning of March. The THETA / USD pair hit a low of $ 3.0 on March 1, but rose sharply to hit an all-time high of $ 8.10 on March 15.
Widespread sell-offs in the market pushed it towards $ 6.30 before new bullish stimulus drove THETA prices above the psychological $ 10.00.
THETA / USD daily chart. Source: TradingView
The bulls aim to break higher given the positive outlook on the daily chart. The 50- and 100-day moving averages curves are rising, indicating further gains. Meanwhile, the RSI is printing 87 to indicate that the bulls are in control near the overbought area.
If the bulls manage to retest today’s high, further spike could lead to THETA / USD price targets near $ 13.00.
But as with any vertical price rally, theta (THETA) could face heavy profit-taking sales. The initial outlook could include THETA / USD drifting sideways just below USD 11.00.
If the correction subsides before breaking the downside, an immediate rebound could bring it back to gains above $ 12.00.
However, an influx of sellers in a downtrend could cause THETA / USD to break out towards the support at USD 9.60. From here, downward pressure could push prices to the USD 7.25 level.
Bears will tighten their hold as prices drop below $ 7.00, with potential near-term losses likely to shift the focus to the 100 SMA ($ 0.63) and 50 SMA ($ 3.17).
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