THETA Shows Bullish Signs Amid Market Uncertainty

Friday, December 27, 2024 12:00 AM
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THETA Shows Bullish Signs Amid Market Uncertainty cover

As of December 27, 2024, THETA, the native token of Theta Network, is drawing significant attention from crypto traders due to a bullish price action pattern observed on its daily timeframe. Despite the larger cryptocurrency market facing challenges, with major assets like Bitcoin and Ethereum struggling, THETA has shown resilience. Currently, 69.2% of top traders on Binance are holding long positions in THETA, reflecting a strong bullish sentiment. The token’s Relative Strength Index (RSI) is at 43, suggesting potential for upward momentum, especially as traders and whales continue to accumulate the asset following a recent price correction.

Technical analysis indicates that THETA has formed a descending triangle pattern, positioning it for a possible breakout. The altcoin has successfully retested its crucial support level at the 200 Exponential Moving Average (EMA). If THETA manages to break above the $2.41 mark, analysts predict it could surge by 37% to reach $3.33. The recent price action, combined with a significant $2.02 million in THETA outflows from exchanges, signals strong buying pressure and a potential increase in value as assets are moved to long-term holders’ wallets.

In addition to the bullish on-chain metrics, the trading dynamics on Binance further bolster THETA’s outlook. The long/short ratio for THETAUSDT stands at 2.25, indicating that traders are leaning heavily towards long positions. Although THETA’s price has seen a slight decline of 1% in the last 24 hours, the overall market sentiment remains optimistic. With lower trading volume noted, it appears that traders are cautiously watching for the next significant movement in THETA’s price trajectory.

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