- Recovering after the downfall from the $1 mark
- The current market cap is still at a decrease of 9.70%
- Can be a perfect movement for investors to buy the dip.
Theta (THETA) is a blockchain-powered network purpose-built for video streaming. THETA allows nodes to validate transactions, produce blocks, vote on changes to the network and earn TFUEL as a reward. Theta’s main business concept is to decentralize video streaming, data delivery, and edge computing, making it more efficient, cost-effective, and fair for industry participants.
While looking at the graph of theta on the daily time frame it gave a strong downtrend, it shows that the price fell below the $1 mark on the 12th, though after that THETA bulls came for the support and now the price is trading at $1.22 for one theta coin with a loss of 9.70% in its market capitalization in last 24 hrs.
While the price made a higher high of just $1.34 in the past 24 hrs. Talking about the exponential moving average it has a current value of $1.42 indicating a clear downtrend. The graph shows a falling wedge-like projection and it looks very difficult for the theta network to escape the project.
It has a current volume of 92 million which is currently at a decrease of 5.16% and a market cap of 1.2 billion which is also at a loss of 9.70%. The volume market ratio for THETA is 0.07657. However, the value for THETA/BTC pair is 0.0000419.
Short term analysis
While observing the graph for the short time period (4 hrs) it too shows the same trend (downtrend). However, while looking at the technical indicators specifically the MACD indicator we can see the MACD signal is currently above the MACD line showing a bearish movement, but while observing the movement of MACD it can make a turn towards the signal line and can make a positive cross, as it is a very good time for the bulls to make a swing entry and push the market as the price is quite low.
Looking at the relative strength index, it says the token is neither oversold nor overbought yet and the value for RSI is nearly equal to 40.
Conclusion
A downtrend can be observed across all time horizons (short, medium, and long term). This can be a good time to make an entry in the market as the price is quite low and the MACD line is about to make a positive cross on the daily time frame graph. The token necessarily needs bulls to support the ecosystem.
Technical levels
Resistance: $2 and $2.5
Support: $ 0.80 and 0.50.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they 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/2022/06/19/theta-price-analysis/