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Tag: Theta crypto

  • Theta (THETA): To break resistance or support?

    Theta (THETA): To break resistance or support?

    Theta (THETA) is one of the cryptocurrencies that primarily gained traction in the bull run of 2021. Theta coin has grown by a staggering 2,300% in the yearly window which effectively brought it under the notice of many investors. The cryptocurrency established its all-time high at $15.90. Subsequently, suffering from market retracements but now Theta coin appears to be moving upwards once again. At the time of publication, the cryptocurrency stands at a price level of $10.94. However, the price level of Theta coin has dropped in the daily timeframe and so had the daily trading volume.

    Theta (THETA) Technical Analysis

    The market sentiment for Theta coin is neutral. Out of the 26 total technical indicators, eight are giving out a buy signal while nine stands in a neutral position, and nine are at a sell position. Both the oscillators and moving averages stand at a neutral position.

    Theta Technical Analysis
    Theta Technical Analysis

    Earlier, a trader had identified Theta coin to be operating inside a descending channel formation. However, the cryptocurrency has broken out of the channel – indicating bullish pressures. Per the trader, Theta coin is facing strong resistance at $14.54 while strong support can be found at $8.16. the cryptocurrency is portraying indecisiveness between bulls and bears as the price continues to move sideways. Upcoming price action will prove to be detrimental for identifying a trend for Theta coin as the market rests on neutral at the moment. The trader is, however, rooting for an upside move and has set the price target at $14.54.

    What is Theta coin?

    Theta network is designed to make video streaming more efficient by utilizing blockchain technology. Theta transfers the load to its peer-to-peer network in order to reduce load and, hence, increase efficiency. However, Theta Network is not competing with video streaming giants like Youtube and Twitch. Instead, it provides a way for video streaming platforms to increase their efficiency by utilizing Theta network. A video streaming website using Theta Network will have some of its content streamed through the website while others through Theta’s peer-to-peer network.

    Theta Network is a decentralized and cheaper alternative for video streaming platforms. The network utilizes two tokens. TFUEL – the gas token – is used to pay content providers while THETA is the governance token.

  • Where Will Theta Coin Be in 5 Years?

    Where Will Theta Coin Be in 5 Years?

    Theta coin started off the year with price level of mere $1 but now stands close to crossing $10. In the 24-hour, the price of the Theta cryptocurrency saw a positive change of 15% while the daily trading volume increased by 95%. Theta (THETA) stands at a market rank of 14 with a market capitalization of $8,805,148,122 which also increased by 14%. The all-time high was achieved at a price level of $9 while at the time of writing, Theta stands at $8.85.

    From partnership with Sony Europe to the launch of the decentralized exchange ThetaSwap, the network has been busy as Theta gains increasing popularity. With its recent rise in popularity, investors are flocking towards the cryptocurrency and the market is dominated by buyers.

    Technical analysis

    A trader has identified the cryptocurrency to be operating in a parabolic formation. Per the trader, Theta can be expected to gradually rise in value over the years. The first target price of the trader lies at $100. The parabola has been in formation since the bull run of 2018-2019. Even though the price of Theta had not been growing at a high rate, when looked at from the longer time perspective it can be clearly observed that the parabola has been valid. The cryptocurrency broke out of the parabolic formation during 2020 but quickly regained strength and wen back up.

    The market sentiment for the cryptocurrency is strongly bullish. The technical indicators stand at a position of strong buy. Of the total indicators, nine are neutral while 15 are standing at buy position and only two are at a position of sell.

    Future projection

    According to Wallet Investor, the one year forecast for Theta places the cryptocurrency at $12 while in five years’ time Theta can be expected to have a price level of $35. Digital Coin Price, too, is optimistic on the coin and places it at $40 in five years’ time. Per their estimates, Theta will be $15 in 2022 and gradually climb upwards. Gov Capital forecasts Theta to be priced at $20 after five years.

    The price of the Theta cryptocurrency is set to increase over the years but where is it going to stop? What will be the value of Theta after five years? These are all questions that will be haunting any Theta-holder’s mind and while there is no certain answer to these questions, one thing has been made clear by the future projections which is that Theta is a great long-term investment. The network has the potential to grow and, hence, pull the Theta cryptocurrency upwards. As long as the market does not crash and market corrections stay minimal, Theta will continue to rise.