THETA price rose by more than 200% in less than a month. While this altcoin seems to have reached the overbought territory, its fate depends on two critical hurdles.
THETA price stands at an exit or breakout point
The nineteenth largest cryptocurrency in terms of market capitalization seems to be consolidating in a symmetrical triangle that gets narrower over time. A breakout of this pattern could happen either way, with resistance at $ 2.30 and $ 2.00 supporting key interests.
If the bulls manage to push the Theta price above the $ 2.30 level, a new uptrend could begin. Further buying pressure will likely result in a 40% increase towards $ 3.
Theta price US dollar chart
However, IntoTheBlock’s IOMAP model shows that it will not be easy to leave positively. Based on this on-chain metric, the $ 2.30 area is a key resistance that the bulls must overcome. More than 70 addresses here had previously purchased 216,000 THETA.
Therefore, an hourly candlestick near this price barrier will confirm from the symmetrical triangle pattern that there is a bullish trend.
On the other hand, IOMAP cohorts are showing a very significant support below the current price of $ 2.05. At this level, roughly 97,000 THETA were purchased by 78 addresses.
Given the importance of this support wall, an hour-long candle that could form near gold could be disastrous for Theta and push its price to $ 1.70.