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THETA is a blockchain-powered network purpose-built for video streaming. Launched in March 2019, the Theta mainnet operates as a decentralized network in which users share bandwidth and computing resources on a peer-to-peer (P2P) basis. The project is advised by Steve Chen, co-founder of YouTube, and Justin Kan, co-founder of Twitch. Theta was co-founded by Mitch Liu and Jieyi Long in 2018.
Let's take a look at the technical analysis of THETA.
Past Performance
On 16 October 2021, THETA opened at $6.27. The price has remained stable during the week. Thereafter, it closed yesterday at $6.66. This was an overall change of 6.22% over the week.
Source: https://www.tradingview.com/x/6U7f8XvR/
THETA Technical Analysis
The price chart of THETA is showing that the trend has likely entered a box. Moreover, it is mainly oscillating between $6.99 and $5.7. Currently, it is trading at $6.55, which is 1.7% down as compared to the previous day’s close.
OBV is showing that the buying pressure is now beginning to be dominated by the selling pressure. This can be a negative signal. However, there is no significant deviation yet. Hence, the THETA traders may hold their current positions.
RSI is at 55.95%. This is again a neutral signal, meaning that the price has likely entered a box. This is because no clear trend can be seen in the RSI’s graph. Traders may hold their current positions.
MACD is giving positive signals. The fast line taking over the slow line can be seen, which is a strong buying point. Both the lines are moving in the positive direction as well.
Day-Ahead and Tomorrow
Fib retracement shows that the THETA price trend reversed itself from the pivot point at $5.83. The next target is at $7, a rally will make it come out of the box as well.
Thus, the indicators are giving mixed signals. The traders may hold their current positions and wait for a significant deviation before making a call. Meanwhile, a stop-loss can be placed at $5.70.