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Theta: the price of the crypto soars 40% - The Cryptonomist


en.cryptonomist.ch 21 May 2020 06:08, UTC
Reading time: ~2 m

First of all, it is worth noting today that the price of Theta (THETA) soars more than 40%, exceeding 31 cents on the dollar. 

TETHA 20200521

This is a very important signal for Theta that reaches its all-time high. Adding to what has already been achieved with the substantial increases in recent weeks, the price of Theta marks a dizzying rise of more than 560% since the lows of mid-March, one of the best rises in the entire sector in just over two months. 

coin360 20200521
Source: COIN360.com

In general, however, the day begins with a prevalence of negative signs: these are the effects of what happened in the second part of yesterday.

Bitcoin, as often happens, influences the rest of the sector. Indeed, in the second part of yesterday, a strong movement saw a retracement that in less than an hour made BTC lose slightly more than 4%, moving away from the psychological threshold of $10,000, which in the previous days appeared to be ready to overcome. 

The downward movement has also triggered some profit taking for the main altcoins that this morning also sees a prevalence of red signs. 

Scrolling through the ranking of the most capitalized, the first positive sign is that of the Leo (LEO) token, the only one to rise among the big ones with a gain of 3%, exceeding the threshold of 1.12 dollars. 

Among the big names, the biggest drop is that of Monero (XMR) in 15th position, dropping over 4%. 

The first three manage to contain the drop, with Bitcoin down 2.5%, while Ethereum and Ripple hold better with 1.5% drops. Ripple is increasingly being tailed by Tether, the stablecoin one step away from the historic overtaking.

The capitalization drops but still remains above 260 billion dollars. In terms of dominance, Bitcoin recedes to 66.5%, Ethereum is stable, while Ripple continues to fall from yesterday’s levels. Volumes are slightly up, above $100 billion in 24 hours.

BTC 20200521
Bitcoin chart by Tradingview

Bitcoin (BTC) price

Bitcoin, with yesterday’s bearish movement, goes down to test the dynamic bullish trend line in the $9,300 area. Purchases react with coverages, a short-term signal to be followed in the next few hours. 

It is necessary for Bitcoin not to go below $9,000. Positive signals would come with a recovery of $10,000. 

ETH 20200521
Ethereum chart by Tradingview

Ethereum (ETH) price

With the struggle of the last few hours, which brought it back under $210, Ethereum tests the lower neckline of the bullish channel.

As mentioned in the last few days, Ethereum needs to stay above $185.

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