The cryptocurrency market’s resurgence over the past few days instilled new vigor into the ecosystem with the help of rising prices and market caps. Several altcoins climbed on the charts with some even outperforming Bitcoin and the rest of the mainstays. One of the biggest gainers as the week came to a close was Theta token which maintained its 17th position on the charts.
Theta’s performance over the past few weeks mimicked the rest of the bearish market with signs of recovery posted during mid-July. Since then, the cryptocurrency has risen steadily in value, sometimes even displaying 5 consecutive green candles. At press time, THETA was trading for $6.98 holding a total market cap of $6.91 billion. A whopping 15 percent daily growth further elevated its trading volume to $683.5 million. The following technical indicators show how the cryptocurrency rallied against its compatriots this week.
THETA 1 hour:
With the immediate support holding firm at $5.89, THETA managed to rally to the upper resistance ranges. After enjoying multiple consecutive green candle ranges, THETA’s price stabilized at a rate near $6.9.
Parabolic SAR- In the short term, the markers stayed above the candles. This indicated an imminent bearish atmosphere for THETA and its holders.
MACD- The MACD line and the signal line diverged from one another after crossing over earlier. The downturn indicated another price slowdown.
RSI- Short-term RSI had crashed just below the overbought zone after the price settlement. This was a sign that THETA holders still had faith in the cryptocurrency’s functionalities.
THETA 1 day:
THETA’s daily charts painted a picture of a cryptocurrency trying to get out of its bearish trap. The long-term support below $4 remained steady as THETA bounced back to avoid a support break. According to the charts, the last time THETA enjoyed a 5 green candles run was during the beginning of June.
RSI- The Relative Strength Index climbed to the overbought threshold indicating a stellar increase in buying pressure over selling pressure.
PSAR: Unlike the hourly charts, the daily picture was slightly less bearish for THETA. With only four markers on top of the price candles, THETA has the chance to stop the buck there.
MACD: The MACD histogram was fully in the green albeit with smaller amplitudes. This bullish turn was also signified by a positive crossover by the MACD line and the signal line.