Thena (THE) gained more than 1,500% in just 24 hours after Binance announced that it would list the cryptocurrency. This development has attracted attention by greatly increasing Thena’s market visibility, liquidity, and investor interest. Following the listing news, the price rose from $0.1682 to $3.39, sending a wave of wind through the market.
Although there are signs of correction after the rapid price increase, Thena is still moving upwards with strong momentum, which shows investors’ confidence in the altcoin and strong buying interest.
Thena’s Relative Strength Index (RSI) is currently at 98, indicating that it has entered overbought territory. Such a high RSI value usually indicates that the price is rising rapidly and a correction or consolidation period may be approaching. It is important for traders to be careful as volatility can increase at such levels.
The Bollinger Bands are expanding rapidly, indicating that the market is becoming more volatile. The widening of the bands suggests that the price of Thena could continue to make larger moves, but it also suggests that the current rally could lose steam. It seems possible that the price could pull back a bit and then take a resting period before rising again.
It is unclear whether this huge momentum gained after the Binance listing will continue. As the excitement in the market begins to fade, the pace of price growth may slow down. However, there are still a few opportunities that could support Thena’s growth.
For example, Thena being listed by another major exchange could increase buying demand, pushing the price higher. As investors continue to wait for such a development, there may be a latent excitement in anticipation, even if market activity has waned.
Additionally, Thena aims to benefit from the growth in this area as a project associated with Layer 2 blockchain technologies. Greater adoption of Layer 2 solutions could strengthen Thena’s position in the ecosystem and bring the project to the forefront in the industry.