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- THETA is currently observing a downside trend and has seen a fall of more than 90% in the intraday session.
- Technical indicators of THETA are in favor of downside trend. THETA/BTC pair has seen a drop of more than 0.82%
Theta is a decentralized cryptocurrency which aims to revolutionize the way video content is delivered online. It is based on the Ethereum blockchain and uses smart contracts to facilitate the streaming of video content.The main benefits of Theta is its ability to decentralize the video streaming process.It means that users can stream video directly from their devices, rather than relying on a centralized server. This can also help to reduce costs for both content creators and users, as well as improve the overall speed and quality of the streaming experience.
Theta also has a unique reward system for users which contribute their bandwidth and computing power to the network. They are called “Theta Guardians,” and can earn Theta tokens as a reward for their contributions. In addition to its use in video streaming, Theta has also partnered with several major companies to bring its technology to other industries. Theta crypto has a market cap of more than $777 Million and is ranked 45th in the cryptoverse. THETA volume to market cap ratio suggests a consolidated trend in price.
Will Downtrend Of THETA Coin Price Continue?
THETA coin price is currently in a strong downside trend. THETA is currently observing a consolidated trend on the weekly chart.On coming to the daily chart the asset price is trading near the value of $0.77 and has seen a drop of more than 3%. The upside momentum of THETA can see a fall from $1.2. Meanwhile the downside trend can see a bounceback from $0.5. It is currently trading below the 50 and 100 DMA which can push the asset price to a new low.
Conclusion
THETA huge rise has seen a worse effect with the downside of crypto market. THETA coin price is currently in a downside trend but can see a new high in future.
Technical Levels
Major Support:$0.5
Major Resistance: $1.1
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
