THETA Price Prediction: Theta Network Price Ready For $1 Breakout?

• 1 THETA price prediction favors the buyers and suggests a rise in the long term.
• 2 The EMAs in the Theta Network crypto displayed a golden crossover.
• 3 Theta Network price is consolidating near $1.00.

THETA price prediction is bullish for 2024 and suggests that it may outperform many other altcoins in terms of returns.

Theta Network crypto is forming a bullish pattern and trying to hold the price above the $0.855 level. It shows that buyers are active and continuing their dominance.

The 50-day EMA positively intersected with the 200-day EMA showing a golden crossover. It triggered a positive sentiment and the price bounced back 10% in a single day.

Moreover, THETA price trading above both the EMAs indicates an uptrend and the price is likely to continue the upward momentum.

At the beginning of November, Theta Network price broke out of the swing high hurdle at $0.700. It added fuel to the momentum and the price rallied 70% in a short span of time. It hit a swing high at $1.190 and witnessed minor profit booking.

Later, the price formed an inverted hammer candle and dropped below $1.00. At present, the price is consolidating in a narrow range and showing signs of short-term base formation.

Currently, THETA price is trading at $0.944 with an intraday decline of 0.84%. In the last 24 hours, the trading volume is down by 40% and volume to market cap is 1.64%.

THETA Price Prepares for Massive Upmove?

Source: THETA /USDT daily chart by Tradingview

THETA price is in the bulls’ grip and a short-term sell-off may get easily absorbed near the EMA support.

The recent rally in this crypto looks reliable because it is supported by a high buying volume. Therefore, long-term investors may look to buy or accumulate this token to generate a decent return.

Till the Theta Network price sustains above $0.700, the bulls will be active and the downside risk will remain low.

On the higher side, the supply zone is in the range between $1.00 to $1.189. If buyers succeed in taking the $1.189 level out, then the next phase of the rally may trigger.

Theta Network Price Turned Bullish on Multiple Timeframes

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Theta Network price has turned bullish on the daily and weekly time frame chart. Meanwhile, the crypto leaders BTC and ETH prices continue to perform well which is also positively impacting the THETA token.

The MACD curve slopes sideways indicating that the price may consolidate for a few more weeks before deciding the next direction. The supertrend is mildly bearish denotes buyers lost the positive momentum.

However, the price action favors the bulls and suggests the price will soon bounce back and break out of the $1.00 level.

Conclusion

THETA price prediction is bullish for 2024 and suggests a significant rise in its value is possible. The chart structure of Theta Network is bullish so the probability of the $1.00 breakout remains high.

Technical Levels

• Resistance levels: $1.189 and $1.300
• Support levels: $0.855 and $0.700

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts round the clock, and is a strong advocate for women in STEM.

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