THETA is a cryptocurrency that provides technical and economic solutions for Theta’s decentralized video delivery network. Theta blockchain is an end-to-end infrastructure for decentralized video streaming.
With the rise of mass media on the Internet, the THETA token quickly attracted the attention of many investors. According to CoinMarketCap, THETA is currently ranked No.13, worth $9,731,455,689.
The price of THETA has increased ten-fold in the past three months and has risen by over 200% since March. The strong driving force behind this comes from the announcement that Theta mainnet 3.0. “Theta Labs Inc.” will officially be released on April 21 this year. According to the Theta Mainnet 3.0 whitepaper, Theta Labs will upgrade the Elite Edge nodes and uptime mining. At the same time, TFuel inflation, staking, and burning will be improved on the new mainnet.
THETA Price Analysis
Source: THETA/USDT daily chart via TradingViewJudging from the daily candlestick chart, THETA has performed very strongly in the past month and has soared all the way. Since March, it has risen as high as 209%. Will this bullish momentum continue?
Since THETA touched the psychological barrier of $8 on March 11, there seem to be many sellers who have wanted to sell their THETA holdings to cash out for profits. Therefore, both the long and short sides of THETA have been playing a price game and fighting to take control at around $7.
On March 18, the green candlestick ran through the $8 mark, indicating that the bulls still occupy the main market. Yesterday, the bulls broke through the $9 mark and even pushed THETA’s price to a high of $9.77. This shows that the upward trend for the cryptocurrency has resumed, and investors are still buying when the price dips.
Today, THETA/USD reached a maximum of $9.95, setting a new all-time high. At the time of writing, THETA is trading at $9.73 and is currently testing the psychological resistance level of $10.
If THETA/USD can stand above $10 today, then the bulls will eye the next target price at the $12 mark.
The rising moving average indicates that the bulls are in a dominant position.
If the bears sell at a higher price and pull the price back below the 9-day Moving-Average of $8.12, however, this bullish uptrend will be invalidated. If this happens, investors who bought THETA very early on will likely sell their THETA holdings to maintain a profitable position. THETA dropping to a low of $8.12 will also mean that the current bullish momentum achieved by the cryptocurrency is a mere bull trap.
$6.93, which is The 20-Exponential Moving Average, is a strong support level. If THETA/USD falls below 20-EMA, traders who already hold this cryptocurrency may need to exit THETA to avoid heavier losses.
Currently, if looking at the MACD index, we can see that there is no sign that a bearish crossover has been formed for THETA. At the same time, the stochastic RSI index is moving towards the 80 oversold zones, indicating that soon, THETA may risk entering the overbought territory.
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