Theta Network’s native token, THETA, has recently caught the eye of cryptocurrency traders due to the emergence of a bullish price pattern on its daily chart. While major cryptocurrencies like Bitcoin, Ethereum, and XRP are currently facing challenges in the market, THETA has shown resilience and potential for growth.
Factors contributing to THETA’s positive outlook include increasing trader interest and continuous accumulation by large investors. These developments come as the token approaches a critical level near its breakout point.
Analysis of Theta Network (THETA) and Important Levels
Analysis from CryptoCrypto indicates that THETA has formed a descending triangle pattern on the daily chart, signaling a potential breakout soon. Despite a recent price correction, the token managed to hold its crucial support at the 200 Exponential Moving Average (EMA) on the same timeframe.
Given the recent price movements and historical trends, if THETA successfully breaks out of the pattern and closes above $2.41, there is a strong chance that it could surge by 37% to reach $3.33 in the near future. Additionally, the Relative Strength Index (RSI) for THETA stands at 43, suggesting room for positive momentum.
Encouraging On-chain Data
The positive price action of THETA has not gone unnoticed, attracting both traders and investors. On-chain analysis by Coinglass highlights that exchanges witnessed significant outflows of $2.02 million in THETA over the past 24 hours.
Outflows typically indicate assets moving from exchanges to long-term holders’ wallets, signaling potential buying pressure and upward momentum for the token.
Furthermore, traders on Binance have shown notable interest and confidence in THETA, with the THETAUSDT long/short ratio on the platform currently at 2.25, indicating a bullish sentiment among traders.
Presently, 69.2% of top traders on Binance hold long positions, while 30.8% hold short positions.
Current Price Trends
As of now, THETA is trading around $2.21, showing a 1% decline in the last 24 hours. However, trading volume during the same period decreased by 5.75%, suggesting lower trader participation compared to the previous day.