The Bitcoin price has displayed a significant price action over the past week by adding approximately 17.5% over the past seven days. Following this, top altcoins have recorded massive price jumps in their portfolios.
On the other hand, Theta Network has witnessed a jump of over 30% within the past 24 hours, making it one of the top gainers of the day. Further, the altcoin has added approximately 50% over the past seven days, indicating a strong bullish influence in the crypto space.
Theta Network Successfully Reclaims $3 Mark!
The THETA price traded in a closed range between $0.934 and $1.133 for a brief period, indicating a disinterest of investors in it. As the market volatility grew, the bulls gained momentum and successfully broke out of the range where the price displayed a neutral trend for the next eight days.
After multiple failed attempts to break out of the resistance level, the bulls recorded a jump of over 62% within hours, highlighting a bullish reversal in the crypto space. Following this, the Theta token faced rejection at the resistance level of $2.262, after which the price traded sideways for a while.
The Theta Network price jumped 35.16%, successfully breaking out of the resistance level. However, the rally was short-lived as the price faced rejection at $2.560, following which the price traded in a closed range between $2.262 and $2.560. Recently, the bulls recorded a jump of over 30%, after which the price faced rejection at $3.388.
The Moving Average Convergence Divergence (MACD) displays a significant rise in the green histogram, indicating a notable increase in the buying pressure within the crypto market. Further, the averages show a sharp rise, suggesting a positive price action for this altcoin in the coming time.
Will THETA Token Hit $5 Soon?
If the market holds the price above the support level of $3.010, the bulls will regain momentum and prepare to test its resistance level of $3.388. Maintaining the price at that level will set the stage for the THETA token to attempt to test its upper resistance level of $3.80 by the weekend.
Conversely, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $2.560. Moreover, if the bears continue to dominate the market, it will continue to bleed and prepare to test its lower limit of $2.262.
