THETA Breaks Through Bottleneck, May Welcome 37% Surge!

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Against the backdrop of a generally sluggish crypto market, Theta Network's native token THETA has attracted investors' attention due to bullish technical signals. Despite the market's volatility, THETA seems poised for a surge.

Technical Analysis: THETA Set to Break Through

According to the latest technical analysis, THETA has formed a bullish 'descending triangle' pattern on the daily chart, indicating an impending breakout at key price levels. If THETA can close above $2.41, there is a potential for a 37% surge, targeting $3.33.

Currently, THETA's Relative Strength Index (RSI) is at 43, indicating potential upward momentum. Meanwhile, the 200-day Exponential Moving Average (EMA) serves as a support line, successfully attracting investor interest.

Strong Buy Signals from Whales and Traders

On-chain data shows that THETA's spot outflow reached $2.02 million in the past 24 hours, indicating that long-term holders are increasing their positions, creating potential buying pressure. Additionally, the long-to-short ratio on Binance is 2.25, meaning that most traders hold a bullish outlook on THETA, with 69.2% of top traders in long positions.

Decreased Market Participation, but Bullish Sentiment Remains

Currently, THETA's price is about $2.21. Although it has slightly declined in the past 24 hours, the decrease in trading volume has been minimal (only 5.75%), indicating that market participants are still paying attention to this token's movements.

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