THETA (THETA) is has been trending up exponentially in the past week, with its price reaching an all-time high of over $8. What is the reason for this move, and should you consider buying some THETA now?
Fundamental analysis: analysts conflicted on where THETA will end up
THETA has been skyrocketing in recent days, with more and more people recognizing the platform as a viable video delivery network. On top of that, numerous social media posts regarding THETA have emerged recently, all calling it the real “Ethereum killer.” However, some analysts fear that the recent move is a simple pump and dump, and that THETA will pull back heavily (to as low as $4) as soon as bull momentum fades.
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The uptrent that THETA is in corresponds to the time the cryptocurrency got listed on the Crypto.com exchange:
THETA posted week-over-week losses of 52,39%, heavily outperforming both BTC‘s week-over-week gain of 19.56% and ETH‘s 20.46% gain. THETA is currently the 16th-largest cryptocurrency by market cap, boasting a value of $6.75 billion.
At the time of writing, THETA is trading for $6.81, which represents a price increase of 83.74% when compared to the previous month’s value.
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THETA/USD technical analysis: THETA is fighting for the $6.82 pivot point
THETA has been in an uptrend for over a week now, with its price rising from just below $3 all the way to $8.05. However, the momentum seems to be fading as volume slowly fades.
The cryptocurrency has seen a slight pullback to the 23.6% Fib retracement level of $6.82, which is where it’s at at the moment. This could be considered a healthy pullback after a major uptick.
With that being said, THETA is now fighting for the 23.6% Fib retracement level, and the outcome of this fight will determine its short-term future. If the cryptocurrency manages to stay above $6.82, we may see another bull influx and a possible push towards new all-time highs. However, if the volume continues dropping, we will most likely see a drop below this level. In that case, We can expect THETA to look for support in its 21-period 4-hour EMA, as well as its 38.2% and 50% Fib retracement levels.