- THETA could rally to $1.90 or $3.20 if it holds above the critical $1.00 support level.
- Analyst predicts that if THETA shifts toward $1.9 and $2, it could signal a breakout.
- Despite recent losses, THETA sees active market participation with strong trading volume.
Theta Network (THETA) could be gearing up for a significant price rally if it stays above the critical $1 mark. In an X post on Saturday, analyst Ali Martinez revealed that if the token stays above this mark, it could signal the start of a rally toward $1.90 and potentially even touch $3.20. The $1 level is proving to be a pivotal point, making it a crucial area for traders to monitor closely in the coming days.
The current price movement has revealed THETA at $1.00 as support after the price fell below $1.30. This pushed the price down, suggesting a bearish attitude towards the market. Nevertheless, the $1 support zone is still significant enough to consider a key level.
However, if THETA remains above this level, it will signal a possible move toward the higher resistance levels. The next trendline resistance levels are approximately $1.80 and $2, with $1.90 being the immediate focus. Thus, a breakout above these levels may open the door for a stronger rally.
THETA’s Recent Performance
As of press time, Theta Network (THETA) is trading at $1.01, down by 5.96% in the last 24 hours. This decline continues the token’s negative trend in the short-term timeframe. THETA declined in the previous week and was reduced by 10.60%. However, it has a 24-hour trading volume of $22.93 million, which means that the market is still active.
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Martinez’s prediction is rooted in THETA’s past performance when trading above the key support levels. In past instances, the coin has formed support patterns in crucial areas and has undergone sharp price fluctuations. The analysis also shows that if it fails the support level at $1, the price would dip to the $0.92 support level, a clear sign of bearish trends.
Traders have their focus set on THETA now that the price is floating at $1, which is a lower support level. If it comes to pass, this formation might propel the coin even higher through previous resistance levels. Still, the picture is unclear, and the further THETA’s movement depends on its ability to hold this crucial support.
