Altcoins
Why a 100% increase is possible from here
While the main focus has been on Bitcoin and Ethereum throughout the downtrend, other smaller altcoins such as Theta Network with much more potential have gone unnoticed. However, crypto investors are no longer ignoring these altcoins and have started highlighting the opportunities offered by these cryptocurrencies.
Theta Network eyes breakout
Crypto analyst CobraVanguard has highlighted an interesting formation in the THETA chart that suggests a massive breakout could be on the horizon. In the analysis which was published on the TradingView website, the analyst points out that a bullish flag is currently forming.
This bull flag trend began with the most recent decline below the $2 price level after a period of brief declines and recoveries. Interestingly, since this bull flag pattern is still forming, it does not mean the breakout will occur immediately.
The CobraVanguard chart shows that there will be more uncertain movements in the THETA Price, coupled with the possibility of the price falling below $1.9. At the same time, the crypto analyst highlights that the price is currently bouncing from the midline around $1.99.
Source: Tradingview.com
However, once training is complete, escape can then occur. The upper end of the target presented by CobraVanguard shows that THETA price can reach $3.7. This would mean a price increase of almost 100% from its current level.
Resisting well in uncertainty
2024 has been a rather eventful year for Theta Network. The network’s native token, THETA, had started the year below $1. However, in the month of March alone, it experienced an increase of more than 250%rising from $1.1 to over $3.7 before returning lower.
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 falling Bitcoin price. Since then, the altcoin has risen in the market, surpassing a market capitalization of $2 billion to become the 51st largest cryptocurrency in the space.
In a context of generalized market slowdown, THETA still displays positive indicators, particularly with regard to its volume. According to data from CoinMarketCap, the daily trading volume of altcoin surged 13% in the last day alone, suggesting interest is returning to the cryptocurrency.
At the time of writing, the THETA Price is experiencing small daily gains of 1.47% to trade at $2.02. However, on the weekly and monthly time frames, the altcoin performed poorly, falling by 13.73% and 12.97%, respectively.
Price drops to $2 | Source: THETAUSDT on Tradingview.com
Featured image from FXLeaders, chart from Tradingview.com