Amidst a resurgence in the crypto market, Theta Network (THETA) has emerged as the top gainer among the 100 largest cryptocurrencies, recording an impressive 58% surge over the past 24 hours. This surge coincides with Bitcoin’s (BTC) resurgence, reclaiming the $56,000 mark.
Theta Network had already been showing signs of growth prior to Bitcoin’s recent rally. After hitting a low of $0.934 on February 6, THETA staged a remarkable comeback, swiftly returning to parity with the dollar just two days later.
Following this initial recovery, THETA continued to chart higher lows and higher highs, reaching a high of $1.338 on February 18. However, encountering resistance at this level led to a price correction and subsequent consolidation between $1.121 and $1.3.
The recent uptick in Bitcoin’s price provided further momentum for THETA, allowing it to break through key resistance levels. Surging to a high of $1.816, THETA surpassed resistance levels at $1.555 and $1.662 in a single move.
Yesterday, THETA recorded a significant 29.64% increase, outperforming Bitcoin and other assets in the market. This momentum continued into today, pushing THETA above the $2 mark, with a peak of $2.320, marking a remarkable 138% increase from the beginning of the month.
The surge in THETA’s price has led to mass liquidations in the derivatives market, particularly impacting short positions. Over the past 24 hours, liquidations on THETA derivatives totaled $4.62 million, with short positions accounting for $3.27 million of that figure.
Currently trading at $2.26, THETA is positioned above both the 50-day EMA ($1.172) and the 200-day EMA ($0.993). The token aims to consolidate its uptrend by reclaiming and maintaining a position above the $2.317 mark, with its future trajectory closely tied to broader market movements.
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