Technical analysis by ben_walther about Symbol THETA: Buy recommendation (7/29/2024)

Today, Theta is up more than 6% and is about to challenge its long-term downtrend resistance again. A break and confirmation opens the space for a 20% run. Since Thursday last week, Theta has been up almost 15% and trades right below the major downtrend resistance. This downtrend has been valid for five months and represents a major hurdle. Since April, Theta has made several attempts but has been rejected every time. A break above this level signals a strong bullish momentum. Once confirmed on a higher timeframe, Theta can quickly rally 20% toward its next resistance between 1.85 - 1.9. -- Want more? Join my daily newsletter for stories, insights, and the hottest trade setups every weekday! Check my X profile for more details.