THETA price reached a 12-month high.
Market value increased by 25%, and trading volume increased by 351%.
Analysts say the price increase is likely to continue.
Theta Network (THETA) has garnered investors’ attention with a remarkable performance over the past 24 hours. The price quickly rose from the support level of $2.28 to reach a 12-month high of $3.08. This rise has pushed THETA’s market cap up by 25% to $3.10 billion, while its trading volume has increased by a whopping 351% to $548.37 million.
THETA price has gained 29% in the last 24 hours. With the afternoon buying, the price broke out of the consolidation zone at $2.40, giving a strong bullish signal. This move shows that buying interest is increasing and traders are entering into positive expectations. On a weekly basis, the price has increased by 59% from $2.10 to above $3.00.
Analysts say that the bullish trend is strengthening as the price chart shows rising highs and higher lows. “THETA has managed to break the long-term downtrend. This suggests that the bulls are taking control and the price could rise to $8.00,” said market analyst Javon Marks.
There was also significant activity in the derivatives market. According to the data, derivatives trading volume increased by 420% to $983.06 million. In addition, open positions increased by 75.35% to $108.91 million.
THETA’s technical indicators show that the uptrend is continuing strongly. The MACD indicator is well above the signal line, confirming the bullish momentum. The Money Flow Index (MFI) is at 93.69, indicating overbought territory. However, analysts warn that short-term pullbacks are possible at these levels.
The 50-day moving average is starting to approach the 200-day moving average, indicating the possibility of a technical formation called a “golden cross,” which is usually a sign of strong and sustained price gains.
THETA’s uptrend could present new opportunities for traders, but there are also overbought signals, warning that a consolidation or correction may be imminent. Analysts predict that the uptrend could continue if the price holds technical support levels.