The Theta price has rebounded as investors rush to buy last week’s dip. THETA is trading at $10.57, which is 45% above last week’s low of $7.305. According to CoinMarketCap, the currency is valued at more than $10.55 billion making it the 16th largest digital currency in the world.
What happened: After weeks of an unstoppable bull run, Theta found a major resistance at $16.00, almost two weeks ago. It then crashed by 54% as the rout in cryptocurrencies continued. This decline happened after the Coinbase direct listing as more investors sold the news. In fact, other digital currencies like Bitcoin and Ethereum also crashed during that period.
This week, Theta price is surging as investors go back to some of the hottest currencies of the previous week. Indeed, currencies like Uniswap, PancakeSwap, Solana, and Ripple have risen substantially in the past 24 hours. Still, the key determinant for the currency this week will be the Fed decision and how the market will react to it. A hawkish Fed will push Theta down while a dovish Fed will push it higher. So, can this momentum continue?
The four-hour chart shows that the Theta price has surged by more than 45% from its lowest level last week. It has also moved above the important support at $8.13 and the 14-day and 25-day moving averages. It is approaching the important resistance level at $11.27, which was the lowest level in the first week of April.
Therefore, in my view, this bullish trend may continue as more traders rush to buy the dips. This could see it surge to the next resistance at $12, which is about 12% above the current level. However, we should not rule out another dip below $8.13.
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