Rekt Capital, a cryptocurrency trader and analyst, took to X platform to highlight the remarkable surge of THETA, projecting a staggering 250% potential upside. The cryptocurrency has been rallying within the orange-orange Macro Range, comfortably revisiting its Range High. Despite the surge, it remains within this macro range until the Range High establishes itself as new support.
At press time, Theta Network price stands at $3.03, accompanied by a 24-hour trading volume of $606,414,846. Notably, Theta Network has soared by 30.34% within the last 24 hours, with a market cap of $3,032,031,423 and a circulating supply of 1,000,000,000 THETA coins. The asset’s max supply also aligns at 1,000,000,000 THETA coins.
Examining the 4-hour price chart reveals an RSI for THETA at 76.14, hinting at potential overbought conditions in the short term. Consequently, traders are advised to proceed cautiously and remain vigilant for any reversal signals. However, the MACD reading of 0.24010170 on the same chart suggests a prevailing bullish momentum. Nonetheless, traders should brace for a possible correction in light of the overbought RSI reading.
The recent surge in THETA’s price indicates a significant bullish sentiment within the market. Moreover, the cryptocurrency’s performance within the Macro Range underscores its resilience and potential for further growth. However, the overbought RSI reading raises concerns regarding a possible market correction. Hence, traders are advised to exercise caution and monitor the market closely.
Despite the bullish momentum, investors should remain wary of potential market corrections, especially considering the overbought conditions indicated by THETA’s RSI. Consequently, it is crucial to adopt a balanced approach to trading and be prepared for all possible scenarios. Additionally, keeping abreast of the latest market developments and technical indicators can help investors make informed decisions.
THETA’s recent surge reflects a significant uptick in market sentiment, driven by its performance within the Macro Range. However, caution is warranted due to the overbought RSI reading, signaling potential market corrections. As such, traders should approach the market with prudence and stay informed to navigate potential volatility effectively.
