Theta Network [THETA] has been on an upward trajectory over the past month. From a low of $1.25 last month, the altcoin has now reached $3.1, the highest in 8 months.
Currently, THETA is valued at $2.8, showing a remarkable 24.67% surge in the last 24 hours. The coin has also seen substantial increases on weekly and monthly charts, marking a 45.62% and 158.86% rise, respectively.
Despite this recent surge, THETA is still significantly lower, standing at 81.91% below its all-time high of $15.90. Nonetheless, the current market sentiment indicates growing demand and positivity in the atmosphere.
Insights from THETA’s Performance
An analysis by CryptoCrypto suggests that THETA is experiencing high demand and bullish sentiment currently.
According to Santiment’s data, the Weighted Sentiment has risen from -0.1 to 0.7, showcasing a positive inclination among most investors compared to those with negative views.
Increased positive sentiment often indicates a belief among investors in a potential rise in prices.
Furthermore, CryptoCrypto has observed a surge in trading activities, indicating increased demand. Trading volume skyrocketed by 442% to $682.33 million in the past 24 hours.
The upsurge is also evident in the rising Open Interest, with Futures Open Interest setting a new record at $111.99 million in the last 24 hours.
A high Open Interest suggests that investors are actively initiating new trading positions while maintaining existing ones.
Most significantly, these open positions are predominantly on the long side, as per Coinglass. THETA’s Long/Short Ratio reveals a dominance of long positions in the market.
This dominance suggests that a majority of traders are anticipating price increases.
This bullish sentiment is particularly noticeable among buyers, as indicated by THETA’s Advance Decline Ratio (ADR), which escalated to 1.9. Buyers have been driving prices upwards with their dominant stance.
This buyer-focused momentum has been strengthening, depicted by the rising RVGI, indicating a strong upward trend.
What’s the Next Course?
In essence, THETA is currently riding a strong upward momentum, backed by a buyer-dominated market environment leading to a sustained bullish trend.
Given the current market scenario, THETA might face significant resistance around the $3.3 mark. Any market corrections could see the altcoin retract to $2.6.