- THETA price is currently on a path of recovery with the rise in Bitcoin above $23k
- Technical indicators of THETA are favoring upside trend. It has seen a drop of 2.8% in the intraday session
Theta is a decentralized blockchain-based video streaming platform that aims to revolutionize the way videos are delivered and consumed. The platform allows users to share their spare bandwidth and storage with others, creating a decentralized content delivery network (CDN). This allows for more efficient and cost-effective video streaming, while also providing more opportunities for content creators to monetize their work.The Theta network uses its own cryptocurrency, also called Theta, as a form of payment and reward for users who share their resources. The tokens can be used to pay for access to premium content, or for transactions within the platform. They can also be traded on various cryptocurrency exchanges.The Theta network is built on a proof-of-stake consensus mechanism, which means that users who hold Theta tokens can validate transactions and earn rewards for doing so. This helps to secure the network and ensures that it is decentralized.
THETA is currently ranked 49th in the cryptoverse and has a market cap of $1 Billion.Volume of the asset price has seen a decline of 77% in the intraday session. Volume to market cap ratio of the THETA suggests a consolidated trend in price.
Bulls Of THETA Are Ready For A Run
The weekly technical chart of the THETA suggests a consolidated trend in price. On the daily chart it is trading near the value of $1.08 with a gain of 0.75%. Resistance of the THETA can be seen near $2.Meanwhile the support of the asset price can be seen near $0.75. It is trading above the 50 and 100 Daily Moving Average. There can be a positive crossover which can push the asset price to a new high. It is currently seeing an upside move with a U shape recovery to a new high.
Conclusion
THETA is on its way for recovery to a new high with the rise in BTC. Various analysts are expecting a strong growth in the near future
Technical Levels
Major Support:$0.75
Major Resistance:$1.5
Source: https://www.thecoinrepublic.com/2023/01/29/theta-price-prediction-will-theta-hit-a-high-of-5-in-2023/