Thena (THE) Price Surges 2,300% After Binance Listing — Another High Likely
How Long Will Thena Continue Increasing? | Credit: Hameem Sarwar
Key Takeaways
- Binance listed Thena (THE) on Nov. 27.
- The Thena price increased by over 2,300%.
- How long will Thena’s increase continue?
Thena (THE) is a decentralized liquidity hub on the BNB chain. It traded between $0.20 and $0.30 for most of October and November. However, a Nov. 26 Binance listing sparked a significant rally.
After the listing, THE entered the top 350 largest cryptocurrencies ranked by their market capitalization and reached a new all-time high price of $4.09.
Let’s analyze the Thena price action and determine how long the upward movement will continue.
Thena Binance Listing
Binance announced it will list Thena on Nov. 27 with six trading pairs. Thena has the seed tag applied to it. Thena eclipsed one billion in trading volume on day one, ranking sixth among all cryptocurrencies. A Thena airdrop is also today, with the snapshot time being at 09:06 UTC, where BNB holders were airdropped Thena.
Thena is the leading decentralized liquidity hub on BNB chain and has over $17 billion in trading volume and $25 million in revenue so far. In addition to the listing, they announced a partnership with Reverse.
Thena’s revenues and fees have dropped since their all-time highs in March but have picked up again in November.
Thena’s price reacted extremely positively to the news, increasing over 2,300% since listing and reaching a new all-time high of $4.09 on Nov. 27.
Thena All-Time High
The hourly chart shows that the Thena price spiked shortly after its listing and has increased rapidly. The wave count suggests the price is in the fifth and final wave of its upward movement, which will take it to a new all-time high.
The first target for this increase is $4.89, created by the 1.61 external Fibonacci retracement of wave four. Afterward, a significant correction could follow.
The Relative Strength Index (RSI) is also showing weakness. It has generated a bearish divergence (green) and could make another one if another Thena is high. This fits with the current increase being part of wave five.
THE Price Increase Not Over
Thena’s price increased over 2,300% after its Nov. 27 Binance listing, leading to a new all-time high.
Despite this immense increase, the wave count predicts another high before a major correction.
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