$THETA is currently navigating a short-term downtrend, with the primary resistance level sitting at $2.12. This level is critical, as it could trigger a bounce if the price reaches it, offering a potential opportunity for traders.
Looking at the long-term chart, THETA briefly broke through its triangle convergence but has since returned within the pattern, suggesting that the price action is consolidating. However, the overall outlook remains optimistic. If a rally begins, it could break out of the triangle, signaling the potential for significant upward movement.
In terms of long-term targets, Fibonacci retracement levels offer useful projections. The first key target is the all-time high (ATH) of $16.17, a price level that $THETA has previously reached. Beyond that, the Fibonacci 1.618 level at $25.80 is another potential target, representing a significant upward extension of the current trend.
Traders will be watching closely to see if THETA can maintain momentum and eventually break out of its consolidation pattern, which could lead to a powerful rally towards these key price targets.
