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The majority of digital currencies have been concentrating on data storage, management, and transaction while blockchain and DeFi have been the center of attention. Few participants in the bitcoin business shifted focus to the growing fields of digital advertising and video networking or the challenges they provide. Let’s take a look at where things are with Theta right now and see where the price of Theta is headed.
Numerous currencies have entered the highly sought-after cryptocurrency market, but Theta is the most discussed and ranks highest. Co-creator Steve Chen was backed by an army of consultants, scientists, and algorithm and blockchain professionals that worked tirelessly to bring this Theta crypto coin to reality.
Theta’s THETA token is the fuel for their user-powered, blockchain-based, decentralized video distribution platform. Theta is an open-source protocol designed to run the distributed streaming network and facilitate the development of vertical decentralized applications (dApps) for use in a wide variety of use cases, including but not limited to education, music, peer-to-peer streaming, TV/movies, eSports, enterprise conferencing, and more.
Due to the industry’s rapid expansion, it’s more important than ever that marketers, publishers, and consumers all find a happy medium.
A Look at Theta’s Price From Under a Technical Lens
In the previous week, trade volume on Theta Network has surged by more than 400%, while the total number of coins in circulation has grown by more than 1.06%, as shown by the price chart on CoinMarketCap. This takes the total number of coins in circulation to over 1.00 billion, or almost 100% of the maximum possible number. Assuming these numbers are accurate, the current market cap is roughly $1.10 billion.
At the time of writing, Theta is priced at $1.07 with a market cap of $1,070,073,703. Sudden surges in the volume are seen on the price chart on CoinMarketCap, and Theta indicators are trending bullish.
Prices on the Theta Network are showing minor bearish signals, with bears aiming to keep prices down below the $1 mark. The cryptocurrency is trading underneath the demand area on a daily time frame. According to the daily chart for Theta token on CoinMarketCap, the token’s price is fluctuating between its 50 EMA and 200 EMA, both of which are considered to be important Moving Averages. The coin just created a big bearish candle on the daily time frame after failing to break through the barrier level of $1.17.
The RSI level of 59.97 indicates that the asset is trading in the overbought region of the price range. The Relative Strength Index (RSI) line has fallen below the 14-day simple moving average (SMA), a bearish indicator. The token’s rejection at the resistance level has resulted in a falling RSI rating. The RSI curve’s value might drop even lower if the token’s price keeps falling.
What Do Industry Experts Advise About Investing In Theta?
The token was unable to break through the barrier level, but it is nevertheless trading above the 50 EMA on the daily time frame. It is recommended that investors wait until the token breaks the resistance level and sustains the break before making any purchases to confirm the trend’s direction.
Meanwhile, intraday traders can book gains depending on their risk-to-reward ratio by going long if the token breaches well above resistance or can go short if the token fails to hold above the 50 EMA and breaches the 50 EMA downward.
Experts’ predictions for the future value of Theta Token indicate an increase in the token’s worth over the next several days. The Fear & Greed Index is currently at 51, indicating that negative emotion is prevalent, as measured by many technical indicators.
Theta Price Prediction for 2023 and Beyond
When considering the short-term and long-term price patterns of crypto, it’s possible that Theta coin’s growth prospects won’t be so fantastic, keeping in mind competitors closing the gap and the market displaying tremendous volatility. However, there is a very high possibility that the price of THETA will rise to $5.36 by the end of this year.
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Source: https://insidebitcoins.com/news/theta-price-has-been-increasing-since-the-start-of-the-year-which-way-is-the-price-headed