Bitcoin sets the pace again as Theta Network climbs into the top 10
The past trading week was dominated by the expiry of futures and options on 26 March. If the crypto lead currency initially fell back towards USD 51,500, there has been a significant price recovery in the last few trading days. And this is also benefiting many altcoins.
As in the previous week, some of the top 100 altcoins are rising at an above-average rate, outperforming many of their competitors. As in the previous week, in addition to Ankr (ANKR), the cryptocurrency Harmony (ONE) and the Theta Token (THETA) are very bullish and rising to Bitcoin Lifestyle new all-time highs. The statistically traditionally weak month of March is living up to its name as the weakest stock market month. On a positive note, however, the cryptocurrency Bitcoin was able to clearly maintain the psychological mark of USD 50,000.
After a short breather, THETA is once again heading for its all-time high. Today, Monday, the price can once again rise above USD 13 and is trading at USD 13.57 at the time of writing. A breakout above the all-time high should give the THETA price further wings.
Bullish scenario (THETA)
If the THETA price continues its upward movement this week and breaks above the all-time high at USD 14.95, the next price target at USD 18.30 will be activated. This is the 127 Fibonacci extension of the overriding upward trend. If the bulls manage to overcome this resistance level, a direct rise to 19.68 USD can be planned. If the Theta token stabilises sustainably above USD 14.95, THETA could even set its sights on USD 22.56 in the short term. This strong resistance is the 161 Fibonacci extension. In the coming months, a rise to 27.26 USD cannot be ruled out.
If the overall market continues to be bullish, the price target of USD 34.88 will come into focus above USD 27.26. The 261 Fib is found here. This is where the 261 Fibonacci extension is found. The maximum price target for the coming period is 47.19 USD for the time being and is derived from the 361 Fibonacci extension. Should the bitcoin price actually rise towards USD 100,000 this year, a rise to the 461 Fibonacci extension could not be ruled out. This higher resistance level is found at 59.51 USD. Thus, there is still a strong upward potential for the theta token.
Bearish variant (THETA)
If, on the other hand, the THETA price cannot overcome its all-time high and bounces significantly downwards, the short-term price development will be decided at the USD 11.47 level. Below this support, the weekly low at USD 10.24 comes into view again. If THETA slips dynamically below this price level and also abandons the EMA20 (red) at USD 9.90, a setback to USD 8.79 is likely. This chart mark is the 50 Fibonacci retracement. The bulls are likely to be on the lookout for new entries here. Should this support level be abandoned, however, the purple support area between USD 8.00 and USD 7.34 will come into view.