As the price of Theta Network (THETA) exceeds $1.70, buyers anticipate the bull run to cross the $2.50 barrier.
With a bullish revival, Theta Network is bouncing back into positive price action. The breakout from the trendline and range coincides with a break above the 200-day EMA and key Fibonacci levels.
Will this reversal rally propel the altcoin price to the $2.50 mark? Let’s take a closer look at Theta Network price analysis to explore the potential.
Theta Network (THETA) Price Analysis
In the daily chart, the THETA price action shows a bullish reversal, giving a breakout of a consolidation range. The consolidation range extended from the $1 psychological price to $1.59.
During this phase, Theta’s price action overcame the bearish resistance trendline but struggled to break through a key overhead resistance level.
With the broader crypto market recovery, bullish momentum has pushed Theta’s price beyond the narrow range. Last night, a bullish engulfing candle formed, marking a nearly 20% surge and breaking the consolidation range.
Currently, Theta is trading at $1.71, marking a 71% rise in 15 days from the $1 mark. With the range breakout, the intraday doji candle seems like a potential retest of the resistance zone.
With growing anticipation of a post-retest reversal, the immediate target for Theta’s price is $1.95. This level aligns with the 38.20% Fibonacci retracement, making it a key resistance point.
As the bullish momentum continues, the 50-100-day EMA lines are nearing a bullish crossover, signaling an increased likelihood of a golden crossover on the daily chart.
However, the recent price surge has driven the RSI closer to the overbought zone, which could indicate a minor pullback before a continued upward trend.
Will THETA Token Cross $2?
If the bullish trend continues, the 38.20% Fibonacci breakout will likely result in a bull run beyond the $2.50 psychological mark. Based on this assumption, the 61.80% Fibonacci level at $2.53 is the breakout target for Theta.
Conversely, dropping below $1.59 will nullify the range breakout and likely retest the 200-day EMA at $1.4298.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
Source: https://thecryptobasic.com/2024/11/19/theta-price-soars-71-eyes-2-53-as-bullish-momentum-builds/?utm_source=rss&utm_medium=rss&utm_campaign=theta-price-soars-71-eyes-2-53-as-bullish-momentum-builds