Theta Network Seems To Be Struggling, Will THETA Rebound?

The Theta’s price rose dramatically during the rebound in crypto markets. Bulls gained a boost when it broke the $1.1 resistance, which gave them a platform to continue their bull run. Buyers who have been patient may still be able to purchase as altcoin moves closer to $1.2 resistance.

But it seems like THETA has grown too fast in such a short amount of time. Theta has seen a 1.65% increase in the last day, and the seven-day charts show a downward trend. Can this mean that it will be able to recover its old highs for this month?

Theta: What Do You Need to Know?

Theta Network is a blockchain-based, smart-contract-powered decentralized content distribution network with a high throughput capacity. Theta Lab is the founders of Theta network. They created it to be a more decentralized option than traditional streaming video services. The industry today is controlled by Netflix and YouTube.

Theta Lab’s goal is to compete with these established services by providing a decentralized environment with superior video quality and quicker connectivity. They are also focusing on crypto-based gaming solutions. It is necessary for developers to be involved, as well as users and marketers, content producers, and consumers.

It started out as an ERC-20 token. It launched its main network in 2019 and all ERC-20 tokens have been swapped for THETA tokens. It uses the energy-saving Proof of Stake consensus system. In order to be a validator, PoS token holders will need to hold some THETA currency. This token can alter the future steaming system.Source: TradingView.com price chart for THETHAUSD

THETAUSD
THETHA’s price is currently trading at $1.167. | Source: THETHAUSD price chart from TradingView.com

What The Charts Say About Theta’s Struggles

The price of THETA has been rising since it was first supported at around $0.904. The previous daily candles were red. We believe that now is a great time to buy for the near term. There is a possibility of a further decline, so now may be a good time to buy for the short term.

The majority of technical indicators point to bullish outlooks. However, it might be a poor investment if you don’t purchase it at the support level. Keep an eye out for when the support level is going to be reached or consolidation within the range.

Weekly THETA candlesticks develop below the BBB and continue to consolidate between $1.2-$8. Over the last two weeks, we’ve had two bullish candles, but this week we’re seeing a red candle, which indicates more consolidation over the next several weeks. The best time to purchase is when the price falls below the consolidation level.

Prices of Theta Long-Term

Theta Relative strength index (RSI) dropped to 65.63 recently. Although trending to the overbought region, this asset experienced recent losses. 

The bulls will soon enter overbought territory if they can keep up their pace. However, while signal and MACD lines still remain positive on the daily chart’s charts, green histograms are growing in size.

Featured image by Pixabay, chart from TradingView.com

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