is THETA Price Ready to Rally Beyond $1?

Theta is one of the biggest blockchain networks built for video streaming services. Theta is also fully compatible with EVM and Ethereum smart contracts. It was launched in March 2019 and operates as a decentralized network in which users share bandwidth. The THETA ecosystem also enables a wide range of Web 23 applications including DEX, NFT, and many more.  

The primary aim of THETA is to improve the video streaming quality while not relying on centralized entities. The Theta meta chain is an interconnected network of blockchains allowing permissionless horizontal scaling of the network. 

The numbers of Dapps on Theta mainent have been seeing growth from the past few months. Meanwhile, the number of transactions in the ecosystem has observed a decline in the last seven days. The Total number of staked nodes on the mainnet is 3102 with 55..2% of the supply locked in. THETA will see increased adaption in the future.

THETA has a market cap of $859 Million and is ranked 54th in the crypto-verse. The social dominance of THETA has been seeing a surge. The V/M ratio of digital assets suggests a consolidated trend in price.

Will THETA Bulls See a Strong Rally Soon?

The weekly technical chart of THETA hints towards a consolidated trend in asset price. On the daily chart, the digital asset is looking for a U-shaped recovery.THETA is currently trading near the value of $0.86 with a small drop in the intraday session. The upside trend of asset price can see a halt near the value of $1. Meanwhile, the downside trend of THETA can observe a bounceback from $0.8. It is trading below the 50 and 100 Exponential Moving Averages. There can be a negative crossover in the future which can push the price down to a new low.

The RSI of THETA is near 40 suggesting its presence in the oversold zone.There is a weak upside slope in it hinting towards a bullish momentum.

Summary

THETA network has been observing a decline in the TVL in the past few months. THETA price is currently consolidating but can see a new high in the future

Technical Levels

Major Support;$0.8

Major Resistance:$1

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes 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.

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