Theta Price Breaks Out, Set to Soar Further: Bullish Momentum Continues

Theta Price Breaks Out, Set to Soar Further: Bullish Momentum Continues

Crypto News – Theta Price: The cryptocurrency market has seen a notable resurgence, buoyed by Bitcoin’s rebound from the $50,600 support level over the past weekend. This positive shift has revitalized sentiment across various altcoins, including Theta. Within a mere three days, Theta’s value surged from $1.17 to $1.66, marking a remarkable 42% growth. Notably, the recent price breakout surpassed the resistance trendline of an inverted head and shoulders pattern, signaling the potential for further upward momentum.

Theta, the native token of a Layer 1 blockchain, embarked on an aggressive recovery trajectory earlier this month, rebounding from $0.93. This bullish resurgence propelled the coin’s price by an impressive 80% within just three weeks, currently stabilizing at $1.67.

The escalating trading volume and surge in futures open interest underscore a robust and sustainable growth trajectory for Theta. Data sourced from Coinglass, a leading crypto derivatives data provider, reveals a substantial increase in Theta Futures Open Interest, rising from a low of $16.71 million in January to a recent peak of $39.56 million—an impressive growth of approximately 137%. This surge indicates a growing enthusiasm and engagement among investors towards Theta.

The potential surge in Theta‘s value is further bolstered by a classic chart pattern—the inverted head and shoulders. With an intraday gain of 20%, Theta has decisively broken out from the neckline resistance of this pattern. This pattern, often observed at major market bottom formations, serves as an early signal for a trend reversal and presents an opportune moment for long entry positions. Currently trading at $1.67, sustained stability above $1.50 would provide buyers with the necessary support to extend the recovery phase. Under the influence of this chart pattern, Theta’s price trajectory is anticipated to pursue a further 38-40% increase, reaching the $2.31 mark.