Technical Analysis: THETA Surges 20%, While LEO Falls Lower, Again – Market Updates Bitcoin News

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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.

Biggest gainers

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.

Technical Analysis: THETA Surges 20%, While LEO Falls Lower, Again
THETA/USD – Daily Chart

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).

Biggest losers

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.

Technical Analysis: THETA Surges 20%, While LEO Falls Lower, Again
LEO/USD – Daily Chart

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.

Tags in this story
Crypto markets, Gainers, LEO, Losers, Market Update, Prices, Technical Analysis, Theta

Could LEO recapture this week’s highs as we head into the weekend ? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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