THETA price analysis: going to $10, or was it all just a pump and dump?

By: Ilija Rankovic
Ilija Rankovic
Ilija is a trader, analyst, writer and consultant with a prolific experience in the finance industry. He focuses on… read more.
on Mar 12, 2021
  • THETA had an incredible week, pushing from below $3 all the way to $8.
  • While some call it the real "Ethereum killer," other analysts fear that the recent move was a pump and dump.
  • THETA is currently fighting for the $6.82 level.

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 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.

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.

THETA/USD 4-hour chart
THETA/USD 4-hour chart

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.

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