Friday, December 2, 2022

Biggest Movers: ADA up 13% on Monday, THETA Moving Towards Multi-Week High – Market Updates Bitcoin News

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Crypto markets were mainly in the green to start the week, with several assets climbing by double digits on Monday. One of these was ADA, which rose by as much as 13% today. THETA also climbed higher, gaining nearly 15%.

Cardano (ADA)

ADA was one of the most notable movers on Monday, as prices surged back towards a long-term resistance level.

Monday saw ADA/USD rally to an intraday high of $0.6435, which is the highest point it has reached since May 31.

This move, which started at support of $0.5560, saw prices climb all the way to resistance at $0.6430 to start the week.

Biggest Movers: ADA up 13% on Monday, THETA Moving Towards Multi-Week High
ADA/USD – Daily Chart

The surge comes as price strength has rapidly increased, with the 14-day RSI now trading above a ceiling of its own at 54.

As of writing, the index is at 55.33, which is its highest reading since April 6, and a positive sign that momentum in ADA could finally be changing.

Overall, ADA is still down nearly 85% from its all-time high in September last year.

Theta Network (THETA)

THETA was also trading higher to start the week, climbing by as much as 15% during Monday’s session.

Monday’s rally saw prices reach an intraday peak of $1.38, which comes less than 24-hours since price was at a low of $1.20.

This move saw THETA continue to climb away from support around $1.15, and instead move closer to resistance at $1.40.

THETA/USD – Daily Chart

As seen from the chart, this ceiling hasn’t been broken in almost one month, however after today’s gain, bulls look set to test this point.

Price strength is also at a resistance point of 44.40, which is the most it has traded in over two months.

Should it finally break above this point, then we could potentially see bulls attempting to push prices towards the $1.50 level.

Will we see any further rallies in THETA this week? 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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