THETA/USD spiked to an all-time high of $11.93 amid increased buying pressure
THETA’s price has retreated slightly from the intraday peak but remains nearly 20% up in the past 24 hours and nearly 10% over the past hour. The cryptocurrency has also performed well against Bitcoin and Ethereum, with the THETA/BTC and THETA/ETH pairs up by more than 25% over the past 24 hours.
Intraday trading volumes for Theta have increased by 102%, while a 19% jump in market cap sees THETA hold the 10th spot on CoinMarketCap with $11.5 billion.
The native token on the decentralized video streaming Theta blockchain is currently above ChainLink (LINK) and Bitcoin Cash (BCH).
Theta’s price has seen a strong surge since early March. The THETA/USD pair traded at lows of $3.0 on 01 March but rose sharply to hit a then all-time high of $8.10 on 15 March.
Widespread sell-offs in the market pushed it lower towards $6.30 before fresh bullish impetus propelled THETA prices above the psychological $10.00.
Bulls are looking to break higher given the positive outlook on the daily chart. The curves of the 50 and 100-day moving averages are rising, suggesting further gains. Meanwhile, the RSI is printing 87 to suggest bulls have control near the overbought territory.
If bulls manage to retest today’s peak, another leg up could see THETA/USD target prices near $13.00.
But as with any vertical price rally, Theta (THETA) could face heavy selling from profit takers. The initial outlook could include THETA/USD drifting into sideways action just below $11.00.
If the correction dissipates before breaking lower, an immediate rebound could put it back on track for gains above $12.00.
However, an influx of sellers in a downtrend could see THETA/USD break towards support at $9.60. From here, bearish pressure could push prices to the $7.25 level.
Bears will strengthen their grip if prices break below $7.00, with potential short-term losses expected to bring the 100 SMA ($.63) and 50 SMA ($3.17) into sharp focus.