THETA price rises 29%, will the rally continue?

Theta Network (THETA) price rose to a 12-month high of $3.08 in the last 24 hours after finding support at an intraday low of $2.28. This rally pushed THETA’s market cap up 25% to $3.10 billion, while its 24-hour trading volume increased 351% to $548.37 million.

The strong bullish momentum has sparked interest among traders and analysts, with many speculating whether the rally will continue.

THETA price jumps above $29

THETA price showed a notable uptrend throughout the day, rising nearly 29% in 24 hours. The rally began after the price broke out of its consolidation zone near $2.40 in the early afternoon, signaling increased buying interest.

By the end of the day, THETA had reached an intraday high of $3.08, reflecting increased bullish sentiment in the market. On a weekly basis, THETA price saw steady growth, rising from $2.10 to over $3.00, a 59% increase in seven days. The ongoing upward move was accompanied by a series of higher highs and higher lows, which analysts interpret as a strong indicator of continued upward momentum.

The price has now broken through several resistance levels, suggesting that traders are optimistic about the asset’s short-term prospects. According to on-chain data, the breakout came as derivatives trading volume surged over 420% to $983.06 million, reflecting renewed interest from market participants.

Additionally, open interest in THETA derivatives increased by 75.35% to $108.91 million, indicating that more traders are taking positions in the asset. This surge in activity coincided with the clearing of critical resistance levels at $2.40 and $2.50 as THETA price confirmed the start of a strong uptrend.

Analysts predict another 348% increase

At the same time, technical analysts are optimistic about THETA’s potential for further price increases. The chart provided by World of Charts shows that the breakout of the descending triangle could lead to a rally targeting $9.00, a predicted increase of 348% from current levels. The measured movement from the base of the triangle supports this optimistic outlook.

Javon Marks, a market analyst, noted that THETA’s ability to break above its long-term trend line indicates a reversal in bearish momentum. Marks noted: “The steep uptrend and higher highs confirm that bulls are in control and the rally could extend to $8.00 in the near term.”

He also emphasized that the price has not yet encountered any significant resistance, which could allow further growth in the short term.

Technical analysis of THETA price

THETA’s technical indicators further support the optimistic outlook. The MACD (Moving Average Convergence Divergence) is well above its signal line, confirming strong bullish momentum. The widening gap between MACD and the signal line suggests that the uptrend remains intact.

Furthermore, the Money Flow Index (MFI) is at 93.69, putting THETA in the overbought zone. While this indicates strong buying pressure, analysts warn that there could be a minor decline or consolidation before the next rise.

At the same time, the 50-day moving average is also approaching a bullish crossover with the 200-day moving average, signaling the potential for a “golden cross.” This technical pattern is often a harbinger of continued price increases and thus supports the possible THETA price breakout.

✓ Share:

Kelvin Munene Murithi

Kelvin is a respected author with expertise in crypto and finance and holds a bachelor’s degree in actuarial science. Known for his concise analysis and insightful content, he has a good command of English and excels at conducting in-depth research and providing timely cryptocurrency market updates.

Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.