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As the price of Theta Network (THETA) exceeds $1.70, buyers anticipate the bull run to cross the $2.50 barrier.
With a bullish revival, Theta Network is bouncing back into positive price action. The breakout from the trendline and range coincides with a break above the 200-day EMA and key Fibonacci levels.
Will this reversal rally propel the altcoin price to the $2.50 mark? Let’s take a closer look at Theta Network price analysis to explore the potential.
Theta Network (THETA) Price Analysis
In the daily chart, the THETA price action shows a bullish reversal, giving a breakout of a consolidation range. The consolidation range extended from the $1 psychological price to $1.59.
During this phase, Theta’s price action overcame the bearish resistance trendline but struggled to break through a key overhead resistance level.
With the broader crypto market recovery, bullish momentum has pushed Theta’s price beyond the narrow range. Last night, a bullish engulfing candle formed, marking a nearly 20% surge and breaking the consolidation range.
Currently, Theta is trading at $1.71, marking a 71% rise in 15 days from the $1 mark. With the range breakout, the intraday doji candle seems like a potential retest of the resistance zone.
With growing anticipation of a post-retest reversal, the immediate target for Theta’s price is $1.95. This level aligns with the 38.20% Fibonacci retracement, making it a key resistance point.
As the bullish momentum continues, the 50-100-day EMA lines are nearing a bullish crossover, signaling an increased likelihood of a golden crossover on the daily chart.
However, the recent price surge has driven the RSI closer to the overbought zone, which could indicate a minor pullback before a continued upward trend.
Will THETA Token Cross $2?
If the bullish trend continues, the 38.20% Fibonacci breakout will likely result in a bull run beyond the $2.50 psychological mark. Based on this assumption, the 61.80% Fibonacci level at $2.53 is the breakout target for Theta.
Conversely, dropping below $1.59 will nullify the range breakout and likely retest the 200-day EMA at $1.4298.