THETA (THETA) Price Prediction: Technical Analysis Suggests a 37% Upswing to Hit the $3.33-Mark

THETA, the native token of Theta Network, is gaining attention from crypto traders following the formation of a bullish price action pattern on its daily timeframe.

THETA price might be up next for a breakout following the formation of a bullish technical pattern on its daily chart. This is despite the larger cryptocurrency market struggling for momentum, with Bitcoin, Ethereum, XRP price, and others, facing difficulties.

Theta Network (THETA) technical analysis and key levels

Technical analysis by AMBCrypto showed that THETA formed a descending triangle price pattern on the daily timeframe, with the altcoin at the edge of a breakout.

But amid the recent price correction, it managed to retest crucial support from the 200 Exponential Moving Average (EMA) on the same timeframe.

From the altcoin’s recent price action and historical momentum, if the AI token breaks out from this pattern and closes a daily candle above the $2.41-mark, it could potentially soar by 37% to hit the $3.33 mark in the future.

On the upside, THETA’s Relative Strength Index (RSI) was seen at 43, showing potential for bullish momentum.

Bullish on-chain metrics

The altcoin’s bullish price action has attracted traders as well as investors, as highlighted by on-chain analytics firm Coinglass. Data from THETA’s spot Inflow/Outflow showed that exchanges have seen a significant $2.02 million in THETA outflows over the last 24 hours.

Outflow is an on-chain metric that shows the number of assets moved from exchanges to long-term holders’ wallets – A sign of potential buying pressure and upside momentum.

In addition to the participation of long-term holders, traders on Binance have shown strong interest and confidence in the token. The Binance THETAUSDT long/short ratio stood at 2.25, at press time, indicating strong bullish sentiment among traders.

According to the data, 69.2% of top traders on Binance currently hold long positions, while 30.8% hold short positions.

Current price momentum

At press time, THETA was trading near $2.21, having noted a price decrease of 1% over the last 24 hours. But its trading volume had dropped by 5.75% during the same period, indicating lower participation from traders compared to the previous day.