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Highlights
- A Theta Price breakout from the neckline of an inverted head and shoulder pattern indicates a potential rally beyond $2.
- Data from Coinglass shows that Theta Futures Open Interest witnessed a 137% increase, highlighting strong market confidence.
- The intraday trading volume in Theta is $231.9 Billion, indicating a 401% gain.
Theta Price: The crypto market witnessed a renewed recovery force as the Bitcoin price rebounded from the $50600 support last weekend. The positive turnaround propelled several altcoins back to recovery sentiment including Theta. The coin price surged from $1.17 to $1.66 within three days to register 42% growth, the recent price breached the resistance trendline of inverted head and shoulder pattern indicating the asset is poised for further growth.
Also Read: Crypto Market Analysis As Metaverse Tokens Regain Momentum: THETA, MANA, APE
Is Theta Price Heading to $2?
Theta, the native token of a Layer 1 blockchain entered an aggressive recovery mode earlier this month when the price rebounded from $0.93. This bullish recovery surged the coin price by 80% within three weeks to currently trade at $1.67.
The increasing Trading Volume and surge in futures open interest suggest robust and sustainable growth in the Theta price. Data from Coinglass, a prominent crypto derivatives data provider, shows Theta Futures Open Interest escalating from a low of $16.71 million in January to a recent apex of $39.56 million. This marks an impressive growth of approximately 137% indicating the growing investor enthusiasm and engagement in Theta.
Theta’s Potential Surge Underpinned by Classic Chart Pattern
With an intraday gain of 20%, the Theta price provides a decisive breakout from the neckline resistance of an Inverted Head And Shoulder Pattern. This chart commonly spotted at major market bottom patterns provides an early signal to a trend reversal and long entry opportunity. Currently trading at $1.67, if the altcoin shows sustainability above $1.5, the buyers will obtain suitable support to prolong recovery. Under the influence of this chart pattern, the Theta price should chase 38-40% and hit the $2.31 mark.
Also Read: Bitcoin, ETH, XRP Saw $5.7 Bln Inflows Ahead Big Developments
Technical Indicator
- Bollinger Band: The Bollinger Band indicator challenge on the upside reflects the aggressive momentum in this asset.
- Average Directional Index: The ADX slope at 39% indicates the buyers may trigger a minor pullback to regain strength and maintain a sustainable rally.
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