- Thena price surged by over 1800% in the last week after listing on Binance HODLer airdrop.
- The RSI value of 98 demonstrates an overvalued condition of thena tokens.
Thena price is going sky high with its recent listing on Binance’s HODLer airdrops. THE token is trading above the $3.5 price level with more than 1800% weekly price rise. While the market cap is hovering around $277 million, 24-hour trading volume has already crossed $2.31 billion dollars.
Thena is not a meme coin and it is also not the new token in the market. However, all this buzz around its incredible price surge is due to THE token listing on Binance exchange. Will the price rally of Thena continue? Or, is Thena price surge just another pump waiting for a correction?
Source: CoinMarketCap
Binance Listing Lead to Thena Price Surge
Crypto exchange platform Binance announced that it was going to list Thena’s THE tokens on Binance HODLer airdrops around a couple of days ago. The announcement caused a sharp price surge in Thena price, going up from $0.2 to around $1.2. Being one of the top exchange platforms with users across the world, Binance’s announcement increased investor sentiment.
Keeping the Binance listing aside, the token has been trading sideways for a while now. This could also mean Thena price breakout after a long period of accumulation phase. It makes you wonder if the price breakout coincided with the Binance listing.
Is Thena Price Surge Just Another Pump?
Thena, a DEX and a layer2 network on BNB Chain, witnessed a substantial price rise from the bottom of $0.2 to a peak of near $4, within just a couple of days. However, the fact that Thena still continues its upward movement is noteworthy. It reflects the strong investor sentiment within the community.
Source: TradingView
The RSI indicator on the TradingView chart of Thena/Tether shows 98.70. The RSI value above 70 indicates that the particular asset is overvalued or overbought. This implies Thena is due price correction and the token is currently overvalued by the investors.
Surprisingly, the Thena token price still continues its upward price trend. It seems like it is only a matter of time for the token to witness a price correction. The price surge purely caused by Binance listing is a major reason why it might just be a pump.
However, Thena can continue this price rally in case other crypto exchanges list the token. Any major developments to the Thena DEX can also increase positive market sentiment to continue this uptrend.
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