Theta Network Breakout Imminent: Why A 100% Rise Is Possible From Here

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	447,210,663,632	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

447,210,663,632

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	8.77	0.23%	3,746.75	3,746.44	3,747.27

Price Change

Price Change %

Current Price

Bid Price

Offer

8.77

0.23%

3,746.75

3,746.44

3,747.27

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,947.00	3,521.24	3,744.48	3,737.41	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,947.00

3,521.24

3,744.48

3,737.41

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	21:54:43	0.444723	3,746.18	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

21:54:43

0.444723

3,746.18

USD

Price x Volume	Volume	Base Symbol	Related Pairs
903,368,763.29	238,480.12	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

903,368,763.29

238,480.12

Theta Network Breakout Imminent: Why A 100% Rise Is Possible From Here

13/05/2024 6:00pm

NEWSBTC

While the focus has mainly been on Bitcoin and Ethereum through the downtrend, other smaller altcoins such as Theta Network with much more potential have been flying under the radar. However, crypto investors are no longer ignoring these altcoins and have begun to call out the opportunities in these cryptocurrencies. Theta Network Is Looking At A Breakout Crypto analyst CobraVanguard has called out an interesting formation in the THETA chart that suggests that a massive breakout might be on the horizon. In the analysis which was posted on the TradingView website, the analyst points out that a bull flag is currently being formed. Related Reading: Is The Bitcoin Bottom In? Buy The Dip Sentiment Erodes Amid Drop Toward $60,000 This bull flag pattern started with the most recent decline below the $2 price level after a period of brief dips and recoveries. Interestingly, since this bull flag pattern is still only forming, it does not mean that the breakout will happen immediately. CobraVanguard’s chart shows that there will be more uncertain movements in the THETA price, coupled with the possibility of the price actually falling below $1.9. At the same time, the crypto analyst points out that the price is currently bouncing from the middle line around $1.99. Source: Tradingview.com However, once the formation is complete, then the breakout can happen. The upper end of the target presented by CobraVanguard shows that the THETA price can rise as high as $3.7. This would mean an almost 100% increase in price from its current level. Holding Up Well Amid Uncertainty 2024 has been a rather eventful year for Theta Network. The network’s native token, THETA, had begun the year trending below $1. However, within the month of March alone, it saw an over 250% increase, going from $1.1 to over $3.7 before correcting back downward. Since then, the THETA price has lost around 40% of its value. But this is only due to the negative headwinds that can be attributed to the decline in the Bitcoin price. The altcoin has moved upward in the market since then, rising over a $2 billion market cap to become the 51st-largest cryptocurrency in the space. Related Reading: Ex-Twitter CEO Jack Dorsey Says Bitcoin Will Reach $1 Million, Here’s When Amid the broader market downturn, THETA is still seeing positive metrics, especially when it comes to its volume. According to data from CoinMarketCap, the daily trading volume of the altcoin has jumped 13% in the last day alone, suggesting that interest is returning to the cryptocurrency. At the time of writing, the THETA price is seeing small daily gains of 1.47% to trade at $2.02. However, on the weekly and monthly timeframes, the altcoin has performed poorly, dropping 13.73% and 12.97%, respectively. Price drops to $2 | Source: THETAUSDT on Tradingview.com Featured image from FXLeaders, chart from Tradingview.com

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