The cryptocurrency industry has long shown focus chiefly on major players – Bitcoin and Ethereum. Yet, significant potential lies in lesser-known altcoins like Theta Network, frequently overlooked amidst the downturn. It seems, however, that the anonymity of these altcoins is coming to an end, with savvy investors now recognizing the potential that these cryptocurrencies have to offer.
Members of the cryptocurrency community are particularly intrigued by recent developments in Theta Network, a project that seems poised for a breakout. Noted crypto analyst CobraVanguard recently brought attention to an intriguing pattern forming in the THETA chart, indicative of an impending breakout.
TradingView, the website hosting CobraVanguard’s analysis, highlighted the formation of a bull flag, starting during the coin’s latest descent below the $2 price level. This event, known in market terminology as a ‘bull flag’ pattern emerged after a brief series of declines and recoveries. It’s worth noting that this pattern is still developing, suggesting that the anticipated breakout may not be immediate.
According to CobraVanguard, the THETA price may see some uncertainty and fluctuation in the near term, which could see the cryptocurrency slip below $1.9. That being said, it’s bouncing back from a midpoint of around $1.99.
Once the pattern reaches completion, that’s when the opportunity for a breakout arises. According to CobraVanguard, the THETA price could potentially soar to heights of $3.7. If achieved, such a feat would represent nearly a 100% increase from its current standing.
Throughout the turbulence of 2024, Theta Network has demonstrated commendable resilience. Their native token, THETA, started the year below $1. By March, however, its value rose by more than 250%, reaching over $3.7 before experiencing a correction.
Despite the correction, where 40% of its value was lost, the THETA coin continued its ascent, solidifying its position as the 51st largest cryptocurrency, with a cap over $2 billion. This loss is largely attributed to the downturn in Bitcoin’s price.
Despite a broader market downturn, THETA’s metrics remain positive, particularly in terms of trading volume. CoinMarketCap data reveals a 13% increase in daily trading volume for the altcoin, indicating heightened interest in the cryptocurrency.
Presently, THETA is experiencing marginal daily gains of 1.47%, translating to a price of $2.02. On broader timeframes, however, such as weekly and monthly, the altcoin has not performed as well, with declines of 13.73% and 12.97% respectively. Nonetheless, with promising projections and a solid performance thus far, Theta Network may yet stake its claim in the compelling narrative of cryptocurrency growth.
