Investor Confidence Boosts Theta Futures Open Interest
Theta, the native token of a Layer 1 blockchain, has experienced significant growth in the past three weeks, with its price surging from $0.94 to $1.41. This 51% increase, accompanied by higher trading volume, indicates sustainable growth and strong buyer conviction.
Coinglass, a crypto derivatives data provider, has reported a notable surge in Theta Futures Open Interest during this rally. The metrics have risen from $18.75 million to an impressive $39.56 million, marking a substantial 111% uptick. This increase in Open Interest signifies heightened investor optimism and a greater commitment to Theta in the market.
In addition, the daily time frame chart reveals the formation of an inverted head and shoulder pattern, a well-known bullish reversal pattern. Currently trading at $1.14, the Theta price is teasing a breakout from the pattern’s resistance trendline.
If the price successfully breaks above this neckline, it will signal a trend reversal and potentially set a target of $2.3.
Decentraland(MANA) Price Aims for Breakout
Despite market uncertainty, the Decentraland token (MANA) has demonstrated resilience above the $0.47 support level. The coin has experienced a 10% surge within a week, reaching its current trading price of $0.524.
If the bullish momentum continues, the price is expected to rise by 5% and reach a long-standing resistance trendline. This trendline has remained sideways for over a year and may exert supply pressure on the asset.
A successful breakout above this barrier would strengthen the bullish momentum and potentially drive the price towards targets of $0.6 and $0.7.
An emerging support trendline is currently preventing a major sell-off of Decentraland.
Apecoin (APE) Price Targets $2
Apecoin has witnessed parabolic growth since late January, with its price rebounding from $1.24. This bullish reversal has propelled the asset by 58% in just 5 weeks, bringing it to its current trading price of $1.95. Analysis of the daily chart reveals that Apecoin recently broke the neckline of an inverted head and shoulder pattern, indicating an early sign of a trend reversal.
If buyers manage to sustain the price above $1.84, they can utilize the flipped support to further drive the recovery. The post-breakout rally could target $2.2, followed by $2.5.
However, the trend indicator ADX (Average Directional Index), currently at 31%, suggests that buyers may soon exhaust their momentum and trigger minor corrections to maintain their strength.
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