Crypto Daily: Bitcoin in Stagnation; Theta Price Almost Doubled In 2 days

24 March 2021, 13:03

2 min reading

Crypto Daily: Bitcoin in Stagnation; Theta Price Almost Doubled In 2 days

THETA climbed into the Top-10 cryptocurrencies and now occupies the 9th line by capitalization

Crypto Daily: Bitcoin in Stagnation; Theta Price Almost Doubled In 2 days

Over the past days, the Bitcoin price continued to remain practically unchanged at around $54,500. At the same time, the altcoin market has shown itself to be more stable. This can be judged by the fact that the dominance of Bitcoin fell below 60% for the first time in a long time.

The main discovery was the Theta, which in 2 days was able to climb into the Top-10 cryptocurrencies and now occupies the 9th line by capitalization. Over the past 2 days, the price of Theta has increased by more than 70%, and over the week — by 110%. Let’s see if this growth will continue further. Let’s take a look at the chart:

Since the beginning of 2021, Theta has already grown by 7 times or by 700%. Since January 2021, the price has been moving up almost non-stop, but at the end of February, there was a strong correction, and the price dropped to $3. But already since March, the main growth was shown, as a result of which the chart grew from $3.50 to $14.50. This is a very high indicator for any market, including the cryptocurrency market.

The chart formed an ascending channel in the last week but did not stay in it for a long time — yesterday, the chart broke through the upper border and rushed up. It met strong resistance in the $14.5 — $15 range.

At the same time, the growth of the chart was accompanied by strong volumes. This suggests that new entrants have entered the market looking to catch the crazy growth of Theta. However, this cannot last forever.

Already now, the RSI and Stochastic indicators are strongly overbought, and a correction is ripe for them. MACD is also very high and continues to rise. This means that the fall will be very strong and sharp.

Nevertheless, there is a high probability that the chart may rise to this point up to the range of $18 — $20. But after that, the price may collapse in the region of $9 — $10, and you need to be ready for this.

It is very dangerous to enter such a moment at the very peak of growth. But if you decide to do this, check the THETA price for the coming weeks in our AI Price Predictions tool, and don’t forget to control the risks. Use stop-losses and take-profits, and the most important rule in such situations is not to be greedy and not succumb to FOMO.

Read our daily market analytics to stay up-to-date on all developments in the crypto industry.

Crypto Daily: Bitcoin in Stagnation; Theta Price Almost Doubled In 2 days
Crypto Daily: Bitcoin in Stagnation; Theta Price Almost Doubled In 2 days