As the halving hype passed to Bitcoin (BTC), the altcoins begin to regain traction. In that sense, many altcoins have been showing significant movements in the last two weeks.
One of the most improved gains is evident in Theta Token (THETA), which gained 1,000% since the collapse on Black Thursday, March 12. The second token on the Theta platform is called Theta Fuel (TFUEL) which has also increased over 1,150% in a matter of one week.
Theta Token reaches new heights, but is it time to buy?
As the candles get greener and greener, people are activating the FOMO, the hype and the emotional bias to enter into these strong altcoin spikes.
Meet Theta, a token for audiovisual platforms
Where have we seen that before? During the pre-halving rally, traders and investors were eager to enter the markets at USD 10,000. However, the same traders and investors have difficulty intervening when a currency drops.
In that sense, the following chart shows the massive increase in THETA in the last few months.
THETA suffered an 80% drop in March, after which the lows were tested and support was confirmed again.
Since that collapse, several support/resistance changes were made and the continuation upwards was confirmed. One is at USD 0.068 and the second at USD 0.125.
However, the altcoin began to accelerate significantly xtrade vs Bitcoin Era, stellar cryptocurrency Bitcoin Trader, Bitcoin Profit won’t let me sell, Immediate Edge account limits, withdrawal method Bitcoin Evolution, Bitcoin Billionaire transaction delay, Bitcoin Revolution review uae, what is a spread on Bitcoin Circuit, coupon The News Spy 50$, 0x on Bitcoin Code in the last few days as momentum and hype increased significantly. Today, Binance announced that the exchange will support the update of the main token network. This raises the question of whether this is another case of ‚buy the rumor, sell the news‘.
What should be concluded? After such a high upturn, a correction and reversal is needed. The left side of the graph shows a similar increase, after which the price dropped for support tests.
Therefore, it is not very reasonable to start entering currencies in these areas with such a widespread price movement.
The grey zones are marked as levels to observe, which are the area of USD 0.155 – 0.165 and USD 0.237. The main zone to observe would be the support/resistance change around USD 0.165.