Lorenzo Stroe
Independent Analyst
- Theta price had a breakout from a symmetrical triangle pattern with a target of $9.
- Theta has a clear price target of $9 and faces weak resistance ahead.
- The digital asset aims for new all-time highs amid overall market recovery.
The entire cryptocurrency market had a significant pump in the past 24 hours thanks to a FOMC statement by the Federal Reserve, driving the dollar's weakness. Theta also had a significant breakout driven by this price action.
Theta price aims for $9 as bulls take the lead
Theta had a major breakout from a symmetrical triangle pattern on the 4-hour chart with a price target of about $9, not reached yet. Since Theta has just established a new all-time high at $8.15, there is practically no resistance ahead.
THETA/USD 4-hour chart
The next level to beat for the bulls is the previous high of $8.15, followed by the price target at $9, calculated using the height of the triangle pattern as a reference point.
THETA/USD 4-hour chart
To invalidate the bullish outlook, bears will need to drive Theta price below $7, which was the previous resistance trendline. A breakdown below this point would push the digital asset down to $6.71 at the 78.6% Fibonacci level.
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