Theta Network (THETA) has surged 58% in the past 24 hours, securing the top gainer spot among the largest 100 crypto assets. This growth comes amidst a market resurgence that has seen Bitcoin (BTC) reclaim $56,000.

Before the recent Bitcoin rally, THETA was already on an upward trajectory. After dropping to a low of $0.934 on Feb. 6, the cryptocurrency made a significant comeback, eventually reaching parity with the dollar just two days later.

Continuing its upward trend, THETA hit a high of $1.338 on Feb. 18. However, reclaiming this six-week high introduced strong resistance, leading to a price collapse and consolidation between $1.121 and $1.3.

Benefiting from Bitcoin’s surge, THETA broke through the $1.383 resistance level and reached a high of $1.816, surpassing resistance at $1.555 and $1.662.

Yesterday, THETA saw a 29.64% increase, outperforming Bitcoin and the market. This upward trend continued today, pushing the token above $2 to a high of $2.320, marking a 138% increase from the beginning of the month.

Despite facing resistance at $2.320, THETA has retained most of its recent gains, up 58.7% over the last 24 hours, making it the top gainer among the top 100 assets. This surge has attracted significant demand, with a 24-hour trading volume of $629 million.

In the derivatives market, there have been mass liquidations of short positions, totaling $4.62 million in the last 24 hours, with short positions accounting for $3.27 million.

Currently trading at $2.26, THETA is above both the 50-day EMA ($1.172) and the 200-day EMA ($0.993). The token aims to reclaim a position above $2.317 to maintain its uptrend, which will be influenced by the broader market direction.

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