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THETA records double-digit gains despite market downturn

THETA managed to outperform the crypto market by a large margin, recording double-digit gains in the past 24-hours, making it by far the best-performing cryptocurrency in the market cap top 20

THETA has outpaced all of the competition in the past 24 hours by posting double-digit gains, while the rest of the market dipped heavily. This made THETA by far the best-performing asset in the top 20 for market cap. If the uptrend continues, THETA might contest its all-time high levels very soon.

THETA’s overall outlook has been very bullish in recent days, mostly because of its addition to the Crypto.com platform. THETA managed to gain 8.98% week-over-week and at the time of writing, THETA is trading for $2.27, representing a price increase of 6.14% when compared to the previous month’s value.

THETA/USD

THETA has recovered from the downturn it was in after reaching new all-time highs, and is currently trying to reach these levels. However, the resistance it faces above $2.30 is very strong, and only a large push towards the upside and a major volume spike could make it reach the recent highs.

Instead of many specific resistance lines, THETA has a large zone of resistance that spans from $2.30 to the all-time high level of 2.431. On the other hand, its downside has been reacting rather well to both the 21-day EMA (which is its current immediate support) and the 50-day EMA (which helped with initiating the upswing).

THETA/USD daily price chart. Source: TradingView

THETA’s RSI on the daily time-frame is currently trending up, with its current value sitting at 62.49.

THETA/USD 1-hour chart. Source: TradingView

THETA’s hourly time-frame shows how the cryptocurrency broke its triangle formation, then confirmed its position above it and continued to move up. However, THETA has a very strong resistance zone to the upside, spanning from its current level and all the way up to the all-time high level of $2.431. The downside is protected by the 21-hour EMA and the 23.6% Fib retracement level of $2.137.

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