THETA (THETA) price retesting a roadblock at $0.48

Written by: Ali Raza
August 19, 2020
  • THETA token did not see much in the way of price movement earlier this year, as most coins rallied.
  • After nearly half a year of being dormant, however, the coin surged.
  • It initially reached a strong resistance that rejected it, but now, it came back for another attempt.

THETA (THETA) is a 44th largest cryptocurrency by market cap, currently amounting to $372.1 million. The coin’s price behaved rather interestingly in 2020, barely following the market trends. Despite this, THETA is reaching high, and it currently once again approaches its largest resistance level, which already rejected it once before.

THETA in 2020

When it comes to most coins, their behavior this year closely resembles that of Bitcoin. There are exceptions, of course, but for the most part, their charts all look rather similar.

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This is not the case with THETA.

Where most cryptos surged in the early days of this year, reaching their YTD highs on February 14th, THETA barely saw a minor spike up at the time. It went from $0.103 to $0.179, which was still not that bad, at the time.

It also participated in the market crash in mid-March, when COVID-19 fears caused many to cash out and seek more stable assets.

Most cryptos also saw a strong recovery immediately after the crash, but once again, THETA barely made any moves until May of this year.

THETA finally makes its move

In late April and early May, however, THETA started to wake up and take a more active role in the crypto market. The coin started growing rather consistently, and it moved from $0.08 on April 20th, to $0.18 on May 18th.

That’s when the first surge hit, pushing the coin all the way up to $0.48 in only 10 days. However, the resistance at this level rejected the coin’s price, forcing it to get cut in half and drop down to $0.24. This level, which has been THETA’s largest support ever since, managed to soften its drop.

THETA remained at this level from June 2nd until July 28th — almost two months. However, many started noticing signs of a new surge, and recognizing the opportunity, they rushed to buy THETA. As a result, the coin’s value started surging again, and it currently once again faces a resistance at $0.48.

Conclusion

THETA price was late to join the bull runs in early 2020, but it made up for it twice in the past few months. While the first spike up resulted in a rejection ,the second one may lead the value further up.