THETA is one of the biggest decentralized networks for video streaming. It was launched in 2019 and since then it has gained significant attention from the investors. The project is advised by co-founder of youtube Steven Chen and also the co-founder of Twitch. In the THETA network users can share bandwidth and computing resources on a P2P basis. The platform aims to shake up the video streaming industry which has poor infrastructure, poor user experience and high cost.
THETA is currently struggling due to the continuous downside trend in price. The TVL of Theta is near $1.26 Millon which has observed a strong decline in the past 6 months as per defilama. The protocol has currently 3100 staked nodes with 55.43% of the THETA locked in. The number of on-chain wallets of THETA has not observed any significant changes with daily active wallets around 18576. THETA blockchain has also seen a slight decline in the transaction in the last 14 days.
THETA has a market cap of $780 Million and is ranked 56th in the CMC. The volume of asset price has observed a decline of 10% in the past 24 hours. THETA V/M ratio hints towards a weak bearish trend in price.
Will THETA Price Test the Support Of $0.5?
THETA is currently seeing a bearish trend due to decline in the overall market. THETA has seen a loss of 8.5% in the past seven days and is currently moving in a downside momentum. THETA is currently trading near the value of $0.77 with a drop of 2.3% in the intraday session. As per the Fibonacci retracement 0.786FIB can act as a resistance for the price.
The upside trend of THETA can see a halt near the value of $0.9. Meanwhile, the downside trend of THETA can observe a bounceback from $0.7. THETA is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future which can push the price down.
The MACD of THETA is suggesting a consolidation in price. The bars and signal lines of the indicator are also not favoring any trend.
Summary
THETA has been seeing a bearish trend due to the decline in overall market conditions. If THETA price breaches the support of $0.7 then a strong downside trend can be seen.
Technical Levels
Major Support:$0.7
Major Resistance:$0.9
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/06/07/does-the-decline-in-theta-price-pushing-the-bulls-away/