The THETA price has pulled back around 12% in the last three days, raising doubts on whether the recent recovery is sustainable. Theta (THETA) is unchanged at $7.566 (-0.74%) today, up around 20% in the last four weeks and +240% year-to-date. The video-streaming platform has a market cap of approximately $7.6 billion, ranking it the 29th most valuable cryptocurrency, behind TRON (TRX).
Theta’s prestigious team of advisors, including Youtube co-founder Steve Chen, emboldened investors at the start of 2021. The token surged in the first five months of the year, reaching a high of $16.61 in May. However, THETA’s performance has been chequered at best since then. In July, the THETA price traded as low as $3.49 before tracking the market higher through September.
However, even though many altcoins have reached new highs in the last week, THETA is trading at a 20% discount from September’s high. Nonetheless, the token showed signs it was about to catch up to the crowd over the weekend, reaching a high of $8.690. However, the rally was short-lived, leaving the bulls with a fight on their hands to regain upside momentum.
Technical Analysis
The daily chart shows the THETA price reclaimed the 200-Day Moving Average at $7.270 on Monday. As long as the token trades above the long-term indicator, it should maintain its bullish bias. A logical upside target is the weekend’s high of $8.690. However, if Theta gains traction, the bulls will likely push towards the horizontal resistance at $10.580.
As previously mentioned, the optimistic outlook relies on the price remaining above the 200-DMA. On that basis, a close below $7.270 invalidates the bullish thesis.
THETA price Chart (Daily)
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