Altcoin
Because from here a 100% increase is possible.
While the focus has mostly been on Bitcoin and Ethereum during the downtrend, other smaller altcoins such as Theta Network with much more potential have gone unnoticed. However, cryptocurrency investors no longer ignore these altcoins and have started highlighting the opportunities in these cryptocurrencies.
The Theta network is looking for a breakout
Crypto analyst CobraVanguard has spotted an interesting formation on the THETA chart that suggests a massive breakout could be on the horizon. In the analyses which was published on the TradingView website, the analyst points out that a bullish flag is currently forming.
This bullish flag pattern began with the most recent drop below the $2 price level, following a period of brief dips and recoveries. Interestingly, since this bullish flag pattern is still forming, it does not mean that the breakout will happen immediately.
The CobraVanguard chart shows that there will be more uncertain movements in the THETA price, along with the possibility that the price will actually fall below $1.9. At the same time, the crypto analyst points out that the price is currently bouncing from the midline around $1.99.
Source: Tradingview.com
However, once the formation is complete, the breakout can occur. The upper limit of the target presented by CobraVanguard shows that THETA price can rise up to $3.7. This would mean a price increase of almost 100% from the current level.
Holding well amidst uncertainty
2024 has been quite an eventful year for Theta Network. The network’s native token, THETA, had started the year trending below $1. However, only in March, it saw an increase of more than 250%.rising from $1.1 to over $3.7 before correcting lower again.
Since then, THETA price has lost around 40% of its value. But this is only due to the negative headwinds that can be attributed to the decline in the price of Bitcoin. The altcoin has since moved higher in the market, surpassing a market capitalization of $2 billion to become the 51st largest cryptocurrency in the industry.
Amid the broader market downturn, THETA still sees positive metrics, especially when it comes to its volume. Second data from CoinMarketCap, the daily trading volume of the altcoin it jumped 13% in the last day alone, suggesting interest is returning to the cryptocurrency.
At the time of writing, the THETA price is posting small daily gains of 1.47% to trade at $2.02. However, on the weekly and monthly timeframes, the altcoin recorded disappointing performances, losing 13.73% and 12.97% respectively.
Price drops to $2 | Source: THETAUSDT on Tradingview.com
Featured image by FXLeaders, chart by Tradingview.com