- Theta has surged 158.86% over the past month.
- Futures open interest has surged to a new ATH of $111.9 million in the last 24 hours.
Over the past month, Theta Network (THETA) has experienced a sustained upward trend. After hitting a low of $1.25 early last month, altcoins soared to $3.1 in eight months.
At the time of this writing, THETA was trading at $2.8. This is an increase of 24.67% over the last 24 hours. Likewise, the altcoin soared on the weekly and monthly charts, rising 45.62% and 158.86%, respectively.
However, despite the recent price rise, THETA remains 81.91% below its ATH of $15.90. However, current market conditions are pointing towards increased demand and positive sentiment.
What THETA’s charts say
According to AMBCrypto’s analysis, THETA was experiencing strong demand and bullish sentiment at press time.
Weighted Sentiment jumped from a low of -0.1 to 0.7, according to data from Santiment. This suggests that most investors have positive sentiments compared to those with negative sentiments.
A higher positive sentiment means that most investors are betting on price rises.
Source: Santiment
Additionally, the observed increase in demand for AMBCrypto is evidenced by increased trading activity. This brings trading volume to $682.33 million, a 442% increase over the last 24 hours.
Source: Coinglass
This demand is reflected in an increase in open interest. Over the past 24 hours, futures open interest has surged to a new all-time high of $111.99 million.
This surge in open interest suggests that investors are actively opening new positions while existing positions remain trading.
Source: Coinglass
The important thing is that most of these open positions are long, according to Coinglass. THETA’s long/short ratio shows that long position holders dominate the market.
This means that most traders are betting on prices rising.
Source: TradingView
This bullishness is widespread among buyers, as evidenced by THETA’s Advanced Decline Ratio (ADR) increasing to 1.9. So buyers dominated, which pushed prices higher.
This dominance among buyers has created strong upward momentum, as evidenced by the rise in RVGI.
Read Theta Network (THETA) price prediction for 2024-2025
What’s the next move?
Simply put, THETA was experiencing strong upward momentum at press time. In this way, buyers are taking over the market and forming a continuous upward trend.
Due to general market conditions, THETA may find the next significant resistance near $3.3. A subsequent market correction will bring the altcoin price back to $2.6.