Here is the situation where THETA's price has risen by 37%🔥🔥🔥

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THETA attracts the attention of traders

THETA has recently formed a bullish price action pattern, attracting the interest of cryptocurrency traders. Despite the larger cryptocurrency market being in distress, THETA is still supported by rising trader interest and whale accumulation.

THETA technical analysis and key levels

THETA is forming a descending triangle pattern on the daily timeframe, about to break out. In the recent price adjustment, it successfully retested the key support at the 200 EMA. If THETA breaks out of this pattern with a daily closing price above $2.41, it could potentially soar 37% to $3.33. The RSI reading is 43, indicating potential upside momentum.

Bullish on-chain indicators and Binance trader sentiment

According to Coinglass, THETA's spot outflow reached $2.02 million, showing an increase in assets moving from exchanges to long-term holder wallets, signaling potential buying pressure and upward momentum. The Binance THETAUSDT long/short ratio is 2.25, with 69.2% of top traders holding long positions, indicating strong bullish sentiment.

Current price momentum

THETA is trading near $2.21, with a 1% price decrease over the past 24 hours and a 5.75% drop in trading volume, indicating decreased trader participation.

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