THETA exploded to 27th place in the global crypto market rating as its capitalization surged to almost $1 billion. The token managed to surpass the psychological $1 level and recorded a new all-time high around $1.07. the surge happened during the early Asian hours on December 22 which made the crypto to become one of the best-performing altcoins in the top-50.
While most of the digital coins are still deep in red, THETA managed to go against the general market sentiment to gain 9% in the last 24 hours and 15% for the past week. This token is most actively traded on Binance and Huobi Global.
THETA Unveils New Features
The THETA platform was launched in March 2019 and it is designed to enable users to earn money by sharing bandwidth and computing resources that operate on a peer-to-peer (P2P) basis. A few weeks ago, the developers unleashed the mainnet update and included smart contract functionality.
Furthermore, the team said that the forthcoming improvements will include the launch of the Theta Token Minter functionality and Theta Wallet Chrome extension that will enable users to create tokens on the Theta blockchain.
Based on the data offered by the behavioral analytical firm, THETA’s development activity has been gaining momentum in recent weeks. This positive growth is considered to be a positive long-term signal.
Short-Term Correction Is Possible
Technical data shows that THETA is currently hovering in uncharted territory in a price discovery phase. The token bottomed at $0.054 in mid-March and has been on a recovery trend since then. A strong sustainable move above $1 will open up a way to new record highs. Nevertheless, the further upside may be preceded by a short-term correction towards the $0.87 zone.
Notably, the In/Out of the Money Around Price (IOMAP) data indicates that nine addresses bought at least 200,000 THETA tokens at almost $0.87. That barrier may also slow down the sell-off and develop another bullish wave. If that level does not hold, the downside correction might head towards the former channel resistance located at $0.77.
On the flip side, recovery on the crypto market may increase a bullish impulse and develop a state of FOMO (fear of missing out) for THETA. In that case, the price in the market may continue to surge uninterrupted. How high will it go?