THETA Breaks Out From 4-Month Range, Signals Bullish Momentum
THETA broke its horizontal zone signaling the start of a new bull phase. One more high is expect in this advancement.
Key Takeaways
- THETA broke out above $1.57, ending months of consolidation.
- RSI momentum supports a bullish trend continuation toward $2.10.
- Critical support lies at $1.56; failure risks a drop to $1.30.
Theta Network (THETA) has entered a pivotal phase following a prolonged correction that concluded near $1 in August 2024. After consolidating in a horizontal range between $1 and $1.57, THETA has broken out decisively, signaling a potential new bullish cycle.
This breakout, accompanied by strengthening Relative Strength Index (RSI) momentum, suggests further upside, with key resistance at $2 and a long-term target at its March 2024 high of $3.78.
Theta Network Price Analysis
The daily chart for THETA’s price reveals a prolonged correction following its five-wave impulsive structure, which peaked near $4 in March 2024.
The correction unfolded in an ABC structure, with wave A forming a sharp decline, wave B resulting in a lower high, and wave C bottoming out near $1 on Aug. 5, 2024.
Since then, the price has consolidated within a horizontal range, forming a strong base for accumulation between $1 and $1.57.
Recently, THETA broke out from this horizontal range, decisively surpassing the $1.57 resistance level, signaling a potential new bull phase. This breakout has been accompanied by an increase in momentum, as seen in the RSI, which has moved above 60, indicating bullish strength.
The next significant resistance level is $2, a prior support-turned-resistance level from the earlier corrective phase. A break above this could pave the way for further upward movement, potentially surpassing its 2024 high of $3.78 as a long-term target.
Key Observations
- Breakout from Horizontal Range: The breakout above $1.57 marks the end of the multi-month consolidation and suggests the start of a new bullish phase.
- RSI Momentum: The RSI’s breakout above 60 supports the bullish outlook, with room to run before reaching overbought levels.
- Upside Targets: Immediate targets include $2 (key resistance) and $3.78 (March high), with support now established near $1.00.
If THETA holds above $1.57 and gains momentum, it could confirm a strong trend reversal and set the stage for a sustained uptrend into 2025.
However, a failed retest of the $1.57 breakout zone would risk a return to the horizontal range, delaying the anticipated bullish continuation.
Theta Network Price Prediction
The chart illustrates a clear five-wave Elliott structure in progress from the Nov. 4 low of $1, with waves one through four already completed and wave five forming.
After breaking out of the horizontal range near $1.57, THETA surged, reaching $1.83, where it began consolidating in a bullish flag pattern. This flag suggests that the price is preparing for a continuation to the upside.
However, if the flag pattern resolves upward, the next target for wave five could be near $2.10, aligning with the measured move from the breakout.
Support is now firmly established around $1.56, and as long as this level holds, the bullish structure remains intact. However, if the price dips below $1.56, further correction toward $1.30 could delay the completion of wave five.
Key Levels to Watch
- Upside Target: $2.10 (completion of wave 5).
- Support Levels: $1.56 (flag breakout support) and $1.30 (next key support).
The bullish trend remains valid if THETA stays above $1.56, with $2.10 likely to act as the next major resistance.
Once this pattern is completed, we can anticipate a corrective move that should establish a higher low than Nov. 4, but it should go below $1.40.
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