THETA price smashes $1, now the sky is limit for the token

THETA catapulted to 27th place in the global cryptocurrency market rating, while its capitalization reached nearly $1 billion. The token surpassed the psychological $1 and hit a new all-time high at $1.07 during early Asian hours on Tuesday to become one of the best-performing altcoins out of top-50.

While the vast majority of digital coins are deep in red, THETA managed to gain over 9% on a day-to-day basis and 15% on a weekly basis. The token is most actively traded on Binance and Huobi Global. 

THETA announces new features

Launched in March 2019, the THETA platform allows users to earn money by sharing bandwidth and computing resources on a peer-to-peer (P2P) basis. Recently, the developers released the mainnet update and added smart contract functionality. Also, the team announced the upcoming improvements, including the launch of the Theta Wallet Chrome extension and Theta Token Minter functionality that will allow users to create their own tokens on the Theta blockchain.

According to the data provided by the behavioral analytical company, THETA's development activity has been gaining traction recently, which is regarded as a positive long-term signal.

Short-term correction is possible

From the technical point of view, THETA is in uncharted territory. The coin bottomed at $0.054 in the middle of March and has been recovering ever since. A sustainable move above $1 will open up the way to a new record high; however, the further upside may be preceded by a short-term correction towards $0.87.

THETA, In/Out of the Money Around Price

The In/Out of the Money Around Price (IOMAP) data shows that nine addresses purchased over 200,000 THETA tokens at around $0.87. This barrier may slow down the sell-off and create another bullish wave. If it is broken, the downside correction may be extended towards the former channel resistance of $0.77.

On the other hand, recovery on the cryptocurrency market may increase a bullish impulse and create a state of FOMO (Fear of Missing Out) for THETA. In this case, the price may continue growing uninterrupted.