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

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

THETA Price Jumps Over $29

The THETA price has demonstrated a remarkable upward trend throughout the day, surging nearly 29% within 24 hours. The rally began after the price broke above its consolidation zone near $2.40 during the early afternoon, signalling increased buying interest.

By the end of the day, THETA had reached a daily high of $3.08, reflecting heightened bullish sentiment in the market. On the weekly basis, THETA price has exhibited steady growth, climbing from $2.10 to over $3.00, representing a 59% rise in seven days. The consistent upward movement was accompanied by a series of higher highs and higher lows, which analysts interpret as a strong indicator of continued bullish momentum.

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

Additionally, open interest in THETA derivatives rose by 75.35% to $108.91 million, indicating that more traders are taking positions in the asset. This spike in activity coincided with THETA’s price moving past critical resistance levels at $2.40 and $2.50, confirming the start of a strong uptrend.

Analysts Predict Further 348% Upside

Concurrently, technical analysts are optimistic about the potential for further gains in THETA’s price. The chart provided by “World of Charts” indicates that the breakout from the descending triangle could lead to a rally targeting $9.00, a projected 348% surge from current levels. The measured move from the triangle’s base supports this bullish outlook.

Javon Marks, a market analyst, pointed out that THETA’s ability to break its long-term trendline suggests a reversal of bearish momentum. Marks noted, “The steep upward trajectory and higher highs confirm that the bulls are in control, and the rally could extend to $8.00 in the near term.”

He also highlighted that the price has yet to encounter significant resistance, which could enable continued growth in the short term.

THETA Price Technical Analysis

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

Additionally, the Money Flow Index (MFI) is at 93.69, which places THETA in the overbought zone. While this indicates strong buying pressure, analysts caution that a minor pullback or consolidation could occur before the next leg up.

Concurrently, the 50-day moving average is also approaching a bullish crossover with the 200-day moving average, signalling the potential for a “golden cross.” This technical pattern is often a precursor to sustained price increases hence backing the potential THETA price breakout.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

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