thecoinrepublic.com
- Theta coin price is currently in an upside with the recovery in Bitcoin and is ready to jump above $1.5
- Technical indicators of THETA are favoring an upside. THETA/BTC pair is down by 2.9%
Theta is a decentralized video streaming platform that utilizes blockchain technology to improve the efficiency and scalability of video delivery. The platform is based on a new blockchain protocol that allows for the sharing of network resources, such as bandwidth and storage, between users. This enables users to earn Theta tokens as a reward for contributing their resources to the network.The Theta network is designed to be highly decentralized, with a large number of validators and a high degree of decentralization of storage and bandwidth resources. This ensures that the network is resistant to censorship and other forms of centralization, and that the cost of video delivery is minimized. It is down by more than 94% from its all time high.
Theta has a market cap of $917 Million and is ranked 49th in the cryptoverse. Volume of the THETA has seen an increase of 26% in the intraday session. Volume to market cap ratio suggests an upside momentum.
Bulls Are Ready To Push THETA Beyond $1
Theta coin price has been looking for a U shape recovery after a strong consolidation. It is seeing an upside move with the rise in Bitcoin. The weekly technical chart of the THETA coin suggests a weak upside trend. On coming to the daily chart it is trading near the value of $0.9 with a gain of 7% in the past 24 hours.Resistance of the THETA can be seen near $1.25. Meanwhile the support of the asset price can be seen near $0.75. It is currently trading above the 50 and below 100 DMA. Theta price can see a strong positive crossover which can push the price to a new high.
Conclusion
THETA has been in an upside trend and is looking for a strong recovery. It may see a strong upside trend to $1.5 as per the analyst.
Technical Levels
Major Resistance:$1.25
Major Support:$0.75