- THETA price (THETA) surged 0.64% in the last 24 hours and it is currently trading at $0.77.
- Theta Network (THETA) derivatives data states that a total of $20.72K OI has been created on the long side against $969.3K OI on the short side over the past 24 hours.
Theta Network (THETA) is a blockchain network for video streaming. It started in March 2019 and lets users share bandwidth and resources with each other. The project has advisors from YouTube and Twitch.
THETA price is currently trading at $0.77 with an increment of 0.64% in the past 24 hours. According to CoinMarketCap data, THETA holds a total market cap of $772.83 Million and ranks 52nd in the crypto market.
It received $16.6 Million in volume in the past 24 hours which is 10.87% less than the last day. It has over 1 Billion in circulating supply. The volume-to-market cap ratio of Theta Network coin is 2.15% which indicates low volatility in the market.
THETA Price Prediction Using Price Action Strategy
THETA price prediction reveals that the coin seems to be in a long-term declination phase and formed a new swing low in June 2023. The Theta Network price made a significant decline of nearly 36% and broke its previous swing and formed a new low. Thereafter, the price is recovering by forming higher lows and following a channel pattern in the daily chart.
Source: THETA/USD By TradingView
As observed from the daily chart, the Theta Network coin seems to be recovering the declination by forming higher lows. However, the recovery lacks momentum which shows that the price might be taking a pullback.
The THETA price is forming a parallel channel pattern which is a bearish chart pattern. Also, the volume received is lower than the average volume which further confirms the chances of a pullback before the trend continuation.
If the THETA coin breaks the trendline, then the sellers may try to dominate the market and drag the price to the previous demand zone at $0.61.
Indicator Analysis
As per the EMA analysis, Theta Network price is stuck between 20 EMA and 50 EMA. The price suffered a rejection from 100 EMA and is currently trying to sustain above 50 EMA. It shows the short-term participation of buyers in the market. If the price breaks below 50 EMA, then it may continue its downtrend.
At the time of publishing, the RSI value of the THETA coin is 52.86 and that of the SMA line is 52.8. RSI is taking support from SMA and has gone flat which shows the short-term bullish to neutral sentiment in the market.
MACD lines are showing a bullish crossover. Also, histogram bars are being formed above the mean line but height is decreasing which indicates short-term bullish to neutral sentiment.
Conclusion
Theta Network (THETA) price prediction concludes that the price seemed to be in a short-term correction phase after forming a new swing low. The THETA price is taking a pullback and forming a parallel channel pattern. The volume analysis shows that the volume received is below the average volume which shows weak participation in buying. If the price breaks the channel pattern, it may try to continue its long-term trend and may slide again.
Technical Levels
- The support levels of THETA coin at $0.61 and $0.48.
- The resistance levels of the THETA coin at $0.99 and $1.22.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
