Technical Analysis: THETA Surges 20%, While LEO Falls Lower, Again
LEO fell for a second consecutive session, as crypto markets traded with higher levels of volatility on Thursday. THETA ignored this uncertainty and climbed by close to 20% today.
Following turbulence during today’s trading session, the global cryptocurrency market capitalisation was able to climb, and was around 1% higher as of writing. .
Leading this gain was theta network (THETA), which, as of writing, was trading 18.87% higher, which was almost double its closest bull, secret (SCRT).
THETA, which was trading at a low of $3.33 on Wednesday, climbed to an intraday high of $4.11 earlier today.
This move saw THETA/USD breakout of resistance at $3.48, which had been in place since January 22.
As a result of the breakout, the 10/25 day moving averages marginally crossed, and this was the first upward cross since late December.
Price strength also broke new ground, with the 14-day RSI moving to 62, after moving past its long-term ceiling of 59.
THETA is still roughly $4 away from its all-time high (ATH).
Due to increased levels of volatility, markets mainly consolidated and there were not many sizeable losers.
However, for a second consecutive day LEO traded lower, as bear’s still seem to be capturing profits, following Tuesday’s 50% rally.
LEO/USD, was trading around 7% lower as of writing, as prices seem to be heading towards its former resistance level at $5.36..
Should we reach that point, the question will undoubtedly be will a new floor be formed, or will prices continue to free fall.
The 14-day RSI currently sits at a support of 64, however, should this break, it could be the sign bears need to increase downward pressure.
Could LEO recapture this week’s highs as we head into the weekend ? Let us know your thoughts in the comments.