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

Scott Matherson

1 year ago

3 mins read

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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.

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.

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

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

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Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

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