Technical analysis by ben_walther about Symbol THETA: Buy recommendation (7/30/2024)

THETA trades in a long-term downtrend that was initiated in March 2024. Since then, the token has made several attempts to break out but has been rejected every time. In the last ten days, THETA has made four unsuccessful attempts (on the 4H chart). Currently, THETA is back at its support level of 1.47. A bounce from here would directly lead to another breakout attempt. Conversely, a dip would lead to a level of 1.36. In case of a breakout, THETA should be good to run 20% to 1.85. A break of this level would immediately bring $2 to the table. However, if THETA breaks out, it is essential to wait for confirmation on a higher timeframe or—even better—for a re-test of the level. It would be surprising to see a breakout of such a long-term trend without a re-test.