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Theta Network Breakout Imminent: Why A 100% Rise Is Possible From Here

While the focus has mainly been on Bitcoin and Ethereum through the downtrend, other smaller altcoins such as Theta Network with much more potential have been flying under the radar. However, crypto investors are no longer ignoring these altcoins and have begun to call out the opportunities in these cryptocurrencies.

Theta Network Is Looking At A Breakout

Crypto analyst CobraVanguard has called out an interesting formation in the THETA chart that suggests that a massive breakout might be on the horizon. In the analysis which was posted on the TradingView website, the analyst points out that a bull flag is currently being formed.

This bull flag pattern started with the most recent decline below the $2 price level after a period of brief dips and recoveries. Interestingly, since this bull flag pattern is still only forming, it does not mean that the breakout will happen immediately.

CobraVanguard’s chart shows that there will be more uncertain movements in the THETA price, coupled with the possibility of the price actually falling below $1.9. At the same time, the crypto analyst points out that the price is currently bouncing from the middle line around $1.99.

Theta Network price chart from Tradingview.com

However, once the formation is complete, then the breakout can happen. The upper end of the target presented by CobraVanguard shows that the THETA price can rise as high as $3.7. This would mean an almost 100% increase in price from its current level.

Holding Up Well Amid Uncertainty

2024 has been a rather eventful year for Theta Network. The network’s native token, THETA, had begun the year trending below $1. However, within the month of March alone, it saw an over 250% increase, going from $1.1 to over $3.7 before correcting back downward.

Since then, the THETA price has lost around 40% of its value. But this is only due to the negative headwinds that can be attributed to the decline in the Bitcoin price. The altcoin has moved upward in the market since then, rising over a $2 billion market cap to become the 51st-largest cryptocurrency in the space.

Amid the broader market downturn, THETA is still seeing positive metrics, especially when it comes to its volume. According to data from CoinMarketCap, the daily trading volume of the altcoin has jumped 13% in the last day alone, suggesting that interest is returning to the cryptocurrency.

At the time of writing, the THETA price is seeing small daily gains of 1.47% to trade at $2.02. However, on the weekly and monthly timeframes, the altcoin has performed poorly, dropping 13.73% and 12.97%, respectively.

Theta Network price chart from Tradingview.com

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Theta Network Leads Crypto Rally With 60% Price Explosion: Here’s Why

Theta Network (THETA), a platform for decentralized video delivery and edge computing, has seen its price skyrocket by 60% in the past 24 hours. This surge has propelled THETA to become the top gainer across the entire spectrum of the top 100 cryptocurrencies.

The rally can be attributed to a confluence of factors, notably the anticipation surrounding the upcoming launch of Theta EdgeCloud in the next quarter, a broader crypto market uplift led by Bitcoin and a bullish chart setup for THETA.

EdgeCloud Launch Sparks Growth Catalyst

At the heart of Theta Network’s bullish trajectory is the Theta EdgeCloud project, an ambitious endeavor to establish a global peer-to-peer cloud computing network. This initiative is poised to harness the power of user devices to scale blockchain applications to new heights.

The excitement around this development was heightened by a tweet from Theta developers yesterday, which stated, “Theta EdgeCloud Phase 1 is coming in Q2! Check out the preview blog on how Theta EdgeCloud is ushering in a new era of AI computing.”

Theta’s foray into AI computing aligns with the current market enthusiasm for AI-related tokens, as evidenced by the impressive gains of projects like Render Network (RNDR) and Fetch.Ai (FET). This alignment suggests that Theta’s price surge is not only a result of its intrinsic value proposition but also its strategic positioning within the booming AI narrative in the crypto space.

In the newly released blog post, the Theta team elaborated on EdgeCloud’s mission to democratize access to GPU processing power for AI and video tasks, offering a cost-effective and decentralized alternative to traditional cloud computing. This initiative leverages the Theta Edge Network’s substantial distributed GPU computing power, which ranks among the world’s largest, to support a wide range of AI applications, from language models to text-to-image and text-to-video models.

The blog further elaborates on the technical prowess of the Theta Edge Network, highlighting its capacity to support a wide array of AI applications, thereby democratizing access to GPU processing power. “This vast processing power […] can deliver upwards of 2500 equivalent NVIDIA A100s, enough to train and serve some of the largest language models,” the post reads, illustrating the network’s potential to significantly impact the AI computing landscape.

Theta’s approach to innovation is also reflected in its patented technology for an edge computing platform supported by a blockchain network, enabling a new era of hybrid computing architectures. “This set in motion the capability to build a next generation hybrid computing architecture,” the team noted.

Technical Analysis Of THETA/USD

The Theta token (THETA/USD) has charted a significant bullish breakout on its 1-week timeframe chart. Over the past week, the price has surged with an impressive gain, reflecting a newfound vigor in the buying sentiment. However, the rally has reached a formidable resistance at $2.28 level, which acted as a crucial support in early 2022.

At press time, THETA was trading at approximately $2.01, after a massive move from its recent lows of around $0.55, representing an increase of over 365% in just 20 weeks. Before the breakout, the 100-week and 200-week exponential moving averages (EMAs) served as crucial resistance while the 20-week and 50-week EMAs marked strong support levels.

Theta price

The breakout above the 100- and 200-week EMA (blue line) can be seen as a major catalyst. Notably, the relative strength index (RSI) is currently positioned at approximately 62.6, which is comfortably below the overbought threshold of 70. This suggests that there may still be room for upward movement before the market is considered overextended.

This thesis is supported by the Fibonacci retracement levels, drawn from the all-time high to the significant low, which shows that the Theta price is still in somewhat bearish territory. It would take a further doubling of the price for THETA to reach the 0.236 level at $4.31911099, which can be seen as major resistance. However, for this to happen, the $2.28 resistance needs to be cleared.

A decisive weekly close above this level could pave the way for a test of the 0.382 level at $6.64707545, followed by the 0.5 and 0.618 levels at $8.5285097 and $10.41008649, respectively. Conversely, a rejection at the current level could see a retest of the 200-week EMA.

The volume indicator shows a modest increase in trading volume accompanying the recent price spike, which lends credence to the breakout. However, traders and investors will be closely monitoring this metric to confirm whether the momentum has the conviction to break through the current resistance zone.

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THETA Breaches $1 Level Courtesy Of Solid On-Chain Developments

Streaming services have become a big part of the modern society. Theta Network is building that kind of tech for the Web 3 space.

The network’s native token THETA has been going bullish in the past few weeks as a result of on-chain developments and the reversal of the sentiment on cryptocurrencies. 

According to CoinGecko, THETA rose 15% in the bi-weekly timeframe along with other altcoins. The network has been revving up development with the recent alpha release of EdgeStore, Theta Network’s decentralized storage solution.

Boosting The Network

In their January 20 blog post, the development team detailed how this new way of storing data can help the network and Web3 progress. 

The EdgeStore solution would be a decentralized way to store Web3 content. This will run on the Theta Edge Nodes which already has the ability to encode and transcode content.

The fear, uncertainty, and doubt surrounding the cryptocurrency market has not stopped the networks to grow with partnerships.

Trusted Media Brand, a Web3 entertainment firm, is now part of the growing list of Theta’s Enterprise Validator Nodes. 

The list includes tech industry giants like Samsung, Google, and Sony to name a few. This would accelerate the adoption of Web3 for entertainment services. 

$1 Reached – What’s Next For THETA?

As the time of writing, the token has breached the $1.02 resistance to hit its current price of $1.04. This drive towards $1 might have left the bulls exhausted as they pulled off the advance yesterday. Right now, THETA bulls are focused on consolidating gains.

If the bulls are successful in consolidating the coin, we might see an explosive upward pressure in the next couple of days. The token, with its high correlation with Bitcoin, would also be subject to the broader sway of the crypto market.

With BTC going into consolidation mode as well, THETA’s phase right now would be reliant if Bitcoin breaks upwards or downwards. 

Although the token still has a long way to go for it to recover pre-FTX levels, its steady momentum now will surely help investors and traders reach their goals. Analysts are also bullish for the future of the token. 

For now, investors and traders targeting $1.20 should focus on keeping the momentum steady and slow as consolidating gives the token some room for short and medium term gains.

With Bitcoin’s price movement also affecting the THETA market, monitoring how BTC moves in the next couple of weeks should also be a priority. 

Featured image by Currency.com