Volatility spikes and bearish signals rise as THENA slides to $0.46 | Credit: Veronica Cestari
Share
Key Takeaways
THENA’s explosive rally has cooled, with technicals pointing to exhaustion after topping at $0.57.
High MFI and RSI readings above 80, alongside falling price and rising volume, raise red flags.
Short-term downside targets sit around $0.20, but if buying pressure returns, it could rebound.
THENA’s (THE) recent 100% gain has raised market expectations — and alarms. Until today, THENA’s price climbed to $0.57 from $0.28 some days ago.
However, as of this writing, the decentralized exchange token based on the BNB chain has retraced to $0.46.
According to CCN, THENA’s price retraced because it was overbought, and its holders had started putting downward pressure on it.
While some altcoins recover after a scenario like this, it does not seem to be the case for THE. Here is how the token might perform in the short term.
THENA Hits Local Top
On the 4-hour chart, THENA’s price faced resistance at $0.57 before retracing to $0.46. Amid the move, the Bollinger Bands (BB) expanded, indicating high volatility around the token.
The expansion in the BB indicates that THE might see a quick decline or uptrend depending on the market’s buying or selling pressure. Beyond that, THENA’s price has hit the upper band of the indicator.
Try Our Recommended Crypto Exchanges
Sponsored
Disclosure
We sometimes use affiliate links in our content, when clicking on those we might receive a commission at no extra cost to you. By using this website you agree to our terms and conditions and privacy policy.
Usually, the token becomes oversold when the price touches the lower band of the indicator. But in this case, it’s the opposite, as THE has become overbought.
Like the BB, the Relative Strength Index (RSI) also shows that THE was overbought. Earlier today, the RSI on the 4-hour THE/USDT chart hit 88.11.
This forced a decline in momentum and price. If this trend remains the same, THENA might extend its recent correction.
From an on-chain perspective, THENA’s trading volume spiked to $0.57. The same volume could be a significant reason for accelerating the price decline.
Over the weekend, THENA’s trading volume was less than $20 million. As of this writing, it has surged to $471.26 million, indicating a high level of token transactions.
Typically, an increase in volume alongside a price hike adds strength to the uptrend. But since THENA’s price has recently fallen, and the volume continues to rise, it might experience more downward pressure.
Like the 4-hour chart, the daily chart presented a bearish outlook. As of this writing, THENA’s price has broken out of a falling trendline.
At the same time, the Money Flow Index (MFI) has risen to 80.66, which typically indicates rising buying pressure. However, since the MFI reading is above 80, THE is overbought.
Hence, it could experience a correction. Should this remain the case without strong buying volume, THE might slide below the trendline and could drop toward $0.20.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
