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THETA Price Analysis: Bulls Might Not Roar Again


www.thecoinrepublic.com May 04 2021 07:49, UTC
Reading time: ~2 m

  • THETA price is currently in an accumulation zone with a gain of 2.64% with a sideways momentum. In contrast, THETA/BTC pair has also seen an increase of 0.52%
  • THETA price has seen a jump of more than 46000% in very little time. Meanwhile, the technical indicators suggest a halt from bullish momentum.

THETA coin market capitalization is $11,243,974,,701.The volume of the coin is $274,713,390, with an intraday decrease of 27%. If the Volume to Market capitalization ratio crosses more than 0.7, then a buyer can be observed. THETA price shows a bearish momentum.

Why To Invest In THETA Coin?

 THETA is a blockchain-powered network that is used for video streaming. In March 2019, it was launched and operated as a decentralized network in which users are computing resources on a peer-to-peer basis. It is headed by Steve Chen, co-founder of YouTube, and Justin Kan, co-founder of Twitch. THETA price has seen significant gains in the past and can continue the same.

THETA price has rallied over 46000% in a concise period. This rally of THETA might be coming to an end.

Technical Indicator Suggest A Consolidated Move For THETA Price 

Source: Trading view

THETA price weekly chart showcases consolidated momentum. On the daily chart, It is above 100 and 50 Moving average. The 50 Moving Average Redline is at $11, making it temporary support for the price. Resistance for the coin on the upside can be found at $16. While on the downside, the coin might see a bounce back from $10.There is a formation of demand zone on the daily chart. If the price went 10% above the zone, then a new high can be formed. THETA/BTC pair is currently in a slump and can break the resistance created in the past.

RSI(Bullish): It is trailing at 52.43 while highlighting its presence in the neutral zone. There is a small positive slope formation, highlighting that price can see an uptrend in the upcoming days. The overall sentiment of the RSI is bullish.

Conclusion

THETA price has given excellent returns in the past. It might not be as profitable as it was a year ago. THETA/BTC pair can also break past its resistance and can reach newer highs. Investor should do their due diligence before investing.

Technical Levels

Major Support:$10

Major Resistance:$15


   Source

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