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- Theta total TVL has observed a strong drop in the past few weeks
- Technical indicators of Theta are favoring a consolidated trend. It has seen a gain of 1.03% in the intraday session
THETA is a decentralized blockchain-based platform that allows users to share bandwidth and video streaming. They aim to improve the video streaming industry by reducing the cost of content. The platform reduces helps to reduce the cost of content creation and delivery to users as compared to others. It does not rely on centralized servers and leverages the computing resources of its users. The THETA labs team is made of experienced professionals from Netflix, Amazon, and others. It is led by the CEO Mitch Lu who has a vast amount of experience in the particular field. THETA has a TVL of $1.4 Million as per Defi Lama. The TVL of the network has seen a drop from $350 Million to $1.5 Million within a year. THETA blockchain transactions have remained stagnant in the past 14 days. It has daily active wallets of 16702 which may see a strong rise in the future.
THETA has a market cap of $1.06 Billion and is ranked 49th in the crypto-verse. The volume of asset prices has seen a drop of 33% in the intraday session. The volume-to-market cap ratio of THETA suggests a consolidated trend in price.
Is THETA Heading For $1.8?
The weekly technical chart of THETA hints towards a consolidated move in the asset price. It is currently trading inside a demand zone on the daily chart.THETA is trading near the value of $1.01 with a gain of 0.95% in the intraday session. The upside trend of THETA can see a halt near the value of $1.5.Meanwhile, the support of the asset price can be seen near $0.9. It is trading below the 50 and 100 Daily Moving Averages. There is a negative crossover in the asset price which can push it down to a new low.
The RSI of THETA is near 45 suggesting its presence in the neutral zone. There is a weak positive slope in the indicator hinting at a rise in price.
Summary
THETA TVL has seen a drop in the past few months but can observe a rise in the future. THETA price is currently in a consolidated trend but can see a new high in the future.
Technical Levels
Major Support:$0.9
Major Resistance:$1.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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.
