Theta Network leads the pack of gainers with a remarkable 58% surge during the upward trend of BTC.
Theta Network (THETA) has emerged as the top performer among the largest 100 cryptocurrencies in the past 24 hours, experiencing a remarkable surge of 58% amidst the recent market recovery that has seen Bitcoin (BTC) regain its position above $56,000.
It is worth noting that THETA had already been on an upward trajectory before the recent Bitcoin rally. After dropping to a low of $0.934 on February 6, the cryptocurrency staged a remarkable comeback, eventually reaching parity with the US dollar just two days later.
From there, THETA continued to achieve higher lows and higher highs, culminating in a peak of $1.338 on February 18. However, the reclaiming of this six-week high introduced significant resistance to the bullish momentum, resulting in a price collapse and subsequent consolidation between $1.121 and $1.3.
Taking advantage of the recent surge in Bitcoin, THETA broke through the crucial resistance level of $1.383, which was situated at Fib. 2.618, in an attempt to reach even higher price levels. Yesterday, THETA skyrocketed to a high of $1.816, surpassing the resistance levels at $1.555 and $1.662 in one fell swoop.
Interestingly, the cryptocurrency recorded a 29.64% increase yesterday, outperforming both Bitcoin and the wider market. This upward trend continued into this morning, pushing THETA above the $2 mark as it reached a high of $2.320, representing a 138% increase from its value at the beginning of the month.
Despite encountering resistance at $2.320, THETA has managed to hold onto most of its recent gains, currently showing a 58.7% increase over the past 24 hours, making it the top gainer among the top 100 assets. This surge has attracted significant demand for the token, with a 24-hour trading volume of $629 million as buyers enter the market.
In the midst of this bullish momentum, the derivatives market has witnessed a wave of liquidations, particularly affecting short positions. Over the past 24 hours, liquidations impacting THETA derivatives positions have amounted to $4.62 million, with short positions accounting for $3.27 million.
Currently trading at $2.26, THETA is above both the 50-day EMA ($1.172) and the 200-day EMA ($0.993). The token is aiming to reclaim and solidify its position above the $2.317 mark in order to maintain its upward trend. However, the future direction of the broader market will play a crucial role in determining whether this can be achieved.
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