THETA Coin Price Analysis and prediction

July 30, 2023
Coin
THETA Coin Price Analysis and prediction

Theta token, a native cryptocurrency token that powers the Theta blockchain network and a protocol for the video streaming business, has lately gained popularity among the cryptocurrency community and even cracked the top 10 by market cap.

It enables users of the video distribution network to contribute surplus computer power and bandwidth in exchange for rewards in the form of additional tokens. Theta Labs, the technology’s parent firm, unveiled the beta version of its decentralized video streaming system.

The programme is regarded as the first decentralized application for video streaming in the history of the planet.

The native governance token, known as Theta Tokens, trades on the cryptocurrency market under the ticker name THETA. Theta tokens are utilized for a variety of purposes, including voting advantages, transaction verification, and network security for the blockchain.

TFUEL is simply the Theta network’s take on Ethereum gas, but it has been split into a different toket to get around the problems that continue to plague Ethereum until scalability is fixed. TFUEL drives the blockchain ecosystem and communicates with smart contacts on the Theta network. For instance, users may gain TFUEL by getting views and sharing material in addition to doing other necessary duties.

Price

For the first few years of its life, the THETA price remained at or near $0.10, but in 2020, things started to change. It finally crossed the $1 threshold on December 22, 2020, after initially reaching $0.70 in early December and $0.70 in May 2020.

And then the cost skyrocketed. It rose to $2.13 on January 5 and $3.19 on February 14 in 2021. End of February, it was a little under $3.10 at that time. It continued to rise in March, reaching $12.21 by the month’s conclusion, a gain of more than 293%. On April 16, 2021, THETA achieved an all-time high of $15.08.

The next day, May 19, 2021, the cryptocurrency meltdown caused significant losses for the THETA token. It reached a low of $4.75 in late September 2021 and was valued $8.93 on 3 June, a significant increase over the start of 2021 but still a long way from its all-time highs. 

Some of the losses were recouped when THETA resumed its upward trajectory and peaked at $8.35 in late October. The coin was selling at $2.59 on January 24, 2022, its lowest price in over a year, as numerous cryptocurrencies struggled during the course of December and into the New Year. 

The currency fell to a low of $2.96 on April 11 as a result of China’s crypto prohibition, but it recovered somewhat and rose to $3.52 on April 21. Later, the market started to slow down, and by May 4, 2022, it was only valued around $2.35. By 17 May, it was worth $1.38 because of the market turbulence that followed UST’s depegging and the demise of LUNA, which hastened the slide.

Though the decline was not yet finished, it did reach a low of $1.07 on May 27 before making a little comeback to reach $1.33 on May 31. After the Celsius cryptocurrency lending platform’s denial of withdrawals on June 17, it fell once further, trading at $1.19. 

Analysis And Prediction 

The 200-day simple moving average (SMA) is below the price of Theta Token at this time. Since May 5th, 2023, the 200-day SMA has been indicating SELL for the last 65 days.

Since July 5, 2023, when the price of Theta Token fell below the 50-day SMA, this indicator has been indicating SELL for the previous 5 days.

On May 30, 2023, 41 days ago, the Bitcoin market saw its most recent Death Cross. The most recent Golden Cross, which happened 136 days ago on February 24, 2023.

Our technical indicators predict that Theta Token’s 200-day SMA will decline during the coming month and reach $ 0.931320 by August 9 of 2023. The short-term 50-Day SMA for Theta Token is predicted to reach $0.766577 by August 9th, 2023.

A well-liked indicator that shows whether a cryptocurrency is oversold (below 30) or overbought (over 70) is the Relative Strength Index (RSI) momentum oscillator. The THETA market is in a neutral position at the moment since the RSI reading is 49.56.

Theta Token’s support levels are $ 0.714083, $ 0.707485, and $ 0.695799, with the last being the strongest based on today’s traditional pivot point (P1) with a value of $ 0.725769. Theta Token resistance levels are located at $0.732367, $0.74053, and $0.750651.

THETA Coin Price Analysis and prediction

The attitude of investors towards THETA price is favorable. Within the last week, all indicators of bearish mood have increased by 11.23%. The total social engagement level has increased positively by 24.01%, showing that there is increased community interest in THETA on multiple social media platforms.

The 500+ percent increase can be seen on the monthly chart as a result of a big breakout for horizontal resistance. However, the cryptocurrency has reached very overbought conditions and the highest RSI values that are currently conceivable. 

There is always a possibility that surging coins might stay overbought for a lot longer than anybody anticipates, but there are also additional negative factors on the weekly period.

Technical levels

Support -$0.600

Resistance – $1.000

THETA Coin Price Analysis and prediction

Owners of Theta tokens could object to reduced pricing, but investors who missed the first spike may have a second chance to reload with Theta tokens at about $2.

THETA Coin Price Analysis and prediction

In just three months, the cost per THETA has increased by more than 500%. A far greater drop will take place if the bearish wedge above causes the currency to fall through the rising RSI trendline.

Conclusion

Perhaps the best course of action is to enter the cryptocurrency market in another method for the time being because Theta token is now so overbought.

The award-winning bitcoin exchange PrimeXBT is one option. Through a secure cryptocurrency wallet, the trading platform enables users to fund margin accounts with BTC, ETH, USDC, and USDT in order to trade CFDs on cryptocurrencies, commodities, FX, and stock indices all under one roof.

https://crypto-house.net

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