Theta crypto has been in a downtrend since early march and now the crypto is looking on the upside with a potential breakout from a wedge pattern.
In this article, we will look at Theta crypto price analysis along with weekly analysis and news roundup.
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Theta Crypto Current Price Analysis
- Current Price: $1.57
- Market Cap: $1.57 billion
- 24h Trading Volume: $14.57 million
- Circulating Supply: 1 billion THETA
- Total Supply: 1 billion THETA
Trade setup: Price is in a downtrend, trading below 200-day moving average (~$1.87). However, it’s trading in a Falling Wedge pattern, which typically resolves in a bullish breakout and a trend reversal. We wait for a breakout, above $1.80 level and 200-day MA to resume an Uptrend, with +40% upside potential to $2.50.
Patterns: Falling Wedge Usually results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order..
Trend: Short-term trend is Strong Down, Medium-term trend is Strong Down and Long-term trend is Down.
Momentum: Price is neither overbought nor oversold currently, based on RSI-14 levels (RSI > 30 and RSI < 70).
Support and Resistance: Nearest Support Zone is $1.45, then $0.95. Nearest Resistance Zone is $1.90, then $2.50.
Weekly Price Analysis
- Price Movement: Theta’s price has seen a slight fluctuation, maintaining a steady position around $1.57.
- Trading Volume: The trading volume has remained stable, indicating consistent trading activity and interest from investors.
- Market Sentiment: Positive sentiment continues to surround Theta due to its role in the decentralized video streaming sector.
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News Roundup
- Theta allows users to share bandwidth and computing resources for decentralized video streaming. It uses two native cryptocurrencies, THETA and TFUEL, for governance and transactions.
- The Theta team has been working on improving network performance and scalability, with new updates expected to roll out in the coming months.
Theta can be good short-term trading bet if it successfully manages to breakout with a good volume.
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