THETA, the cryptocurrency tied to the Theta Network, is catching the eye of traders thanks to a promising price pattern forming on its daily chart. While the overall crypto market, including heavyweights like Bitcoin, Ethereum, and XRP, seems to be struggling, THETA stands out with a potential for an upward move.

Despite the uncertain market environment, THETA’s positive outlook is driven by growing trader interest and the continued accumulation of the token by large investors, often called “whales.” These encouraging signs come as THETA’s price edges close to a key breakout level.

Recent technical analysis shows that THETA has been forming a descending triangle pattern on its daily chart. This pattern suggests the token might be gearing up for a significant move. During a recent price dip, THETA managed to hold steady at a critical support level, aligning with its 200-day Exponential Moving Average (EMA). This successful retest of support could pave the way for further growth.

If THETA can break out of this pattern and close above $2.41 on the daily chart, experts predict it could climb by as much as 37%, potentially reaching $3.33 in the near future. Adding to this optimism, the Relative Strength Index (RSI), which measures market momentum, is currently sitting at 43. This number suggests there’s still room for upward movement.

Investors and traders are taking notice. On-chain data reveals that $2.02 million worth of THETA has recently been moved out of exchanges and into private wallets within the past 24 hours. This is a key metric showing that more people are holding onto their THETA tokens rather than selling them, hinting at buying pressure and positive momentum.

Meanwhile, trading activity on Binance reflects strong confidence in THETA’s future. The long/short ratio for the THETA/USDT trading pair on Binance is 2.25, showing that bullish sentiment is dominating. In fact, nearly 70% of top Binance traders currently hold long positions on THETA, while only about 30% are betting against it.

All in all, THETA’s price action, combined with increased investor interest and strong support from technical indicators, paints a promising picture for the token’s short-term growth potential.