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July 19, 2024
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This Altcoin is About to Explode: Looks Promising for a 500% Rally in the Mid-Term

The post This Altcoin is About to Explode: Looks Promising for a 500% Rally in the Mid-Term appeared first on Coinpedia Fintech News

The crypto markets are strengthening every day as tokens march towards their respective resistances, hoping to reduce the distance to their all-time high. Meanwhile, Bitcoin maintains a sluggish trend, indicating that traders have shifted their focus away from the token and toward other altcoins. As BTC’s dominance declines, altcoins such as Theta have an excellent opportunity to set up a nice upswing.

The Theta price has stuck within a range ever since it achieved highs above $15 during the previous bull run. Despite multiple attempts, the price failed to rise above the bearish influence that slashed it below $1. However, the flip from the lows, which occurred in the last few weeks of 2023, ended up breaching above the upper resistance of the descending parallel channel. Hence, paving the way for the THETA price to set up a fresh bullish trend to ascend close to its highs. 

The weekly chart of Theta shows a breakout from the bearish influence of the previous week, allowing for a bullish weekly close. The bulls are trying hard to validate the bullish scenario, which could materialize if the price maintains a consistent upswing throughout the week and closes above local resistance at $1.67.  The rising RSI indicates the levels could be achievable anytime but the DMI flipping from bearish to bullish projects a massively positive trajectory for the token. 

Also Read: What’s Next for the Bitcoin (BTC) Price? Here’s Why it’s Very Important to Achieve $52,500 This Week

The DMI had gone out of range during the 2021 bull run and the latest variations suggest the trend is about to repeat very soon. With this, the token could set up a huge price action towards the north and reach levels close to its ATH, ranging by more than 500%. However, the interim resistance at $2.3 and $4.16 may act as a strong resistance, which may offer the required base to advance. 

Collectively, the Theta (THETA) price in the long term appears to be extremely bullish, with price targets beyond the current ATH above $15. 

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