Home
News
- THETA price is currently in an accumulation zone with a downtrend sign. In contrast, THETA/BTC pair is also in a bear trap
- There is a formation of Elliot corrective in the THETA, which showcases that price can test the support of $11.63
THETA is a blockchain-powered network built for video streaming. It was launched in March 2019 and operated as a decentralized network in which users share bandwidth and computing resources on a peer-to-peer basis. The project is headed by Steve Chen, co-founder of YouTube and Justin Kan, co-founder of Twitch. It has seen an ROI of more than 7860% since its inception. The coin went from an all-time low of $0.03977 to $14.99, making the investors fill their pocket with a return of 30750%.THETA Price forecast a great return in the upcoming days.
THETA is currently ranked 9 with a market capitalization of more than $12,000,000,000.The market capitalization to volume ratio for the coin is 0.06285, and if it crosses more than 0.6, then a buying rush can be seen.
Technical Indicator Suggest A Bearish Move For THETA Price Forecast
The weekly technical chart of THETA shows a bullish momentum. On coming to the daily chart’s shorter time frame, THETA price has formed a corrective Elliot wave formation. According to the Elliot wave pattern, the price can test the level up to $11.72.THETA price is above 20 and 50 Moving average. The 20 MA(Red) line is at $8.72, making it temporary support for the coin. Resistance for the coin on going upside is at $14. While on the downside, the coin can see a bounceback from $11.There is a formation of the accumulation zone on the 4-hour chart. If the price goes above the zone, then a new high can be formed.THETA/BTC pair is currently performing negatively but can see a bounceback in a couple of trading session.
RSI(NEUTRAL): It is trailing at 52 while showcasing its presence in the neutral zone. There is no significant slope formation, highlighting that price can remain in the consolidation for a while. The overall sentiment of the RSI is neutral.
Conclusion
THETA price forecast an excellent return for the future.THETA has a great team behind it and has seen a great return in the past.THETA/BTC pair can also break past its previous barrier and can see a new high being formed.
Technical Levels
Major Support:$11
Major Resistance:$14
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
