The native cryptocurrency of the Theta network is recovering very strongly, after the great market crash that occurred recently.
At the time of writing, this coin is trading at $ 9.49, accumulating a gain of 3.27% in the last 24 hours. With a market capitalization of $ 9,364 million, today THETA is the 18th largest cryptocurrency on the market.
The Theta blockchain is a decentralized platform, which aims to improve the transmission and delivery of video, as well as reduce transmission costs.
The THETA cryptocurrency, for its part, works as a governance vehicle, and a way to validate and suggest blocks. Those validators include big-name firms such as Google, Sony, Samsung, Binance, Gomy, Creative Artists Agency, among others.
The network works by using users’ computers to take advantage of unused bandwidth. As a reward, people receive TFUEL token, which currently has a price of $ 0.42, after a revaluation of more than 40,000% from the minimum reached in March 2020.
Technical analysis of the cryptocurrency THETA
On the daily chart we see how the price of this crypto has just resumed its short-term uptrend, after it held for a long time, manufacturing lower and lower maximums and lows.
After getting support at $ 4.12, THETA started showing bearish exhaustion signs. Then, with the effective breakout of immediate resistance, the short-term trend effectively passed the bulls.
Today the price challenged the resistance at $ 9.78, a level that is causing some problems for now.
Now it appears that we are seeing a small correction coming to an end above the support near $ 8, to usher in further momentum.
Knowing that the trend is bullish in the short term, the odds are on the bulls’ side. The targets: $ 12.39 and $ 15.84.
To think about sales, the support at $ 7.88 must be crossed, which would give way to a search for the next support, close to $ 5.87.
But, for a fall to be really worrisome, the area around $ 4.12 must be crossed, a scenario with very few probabilities in its favor.
Forecast
When we take into account the great uptrend that the THETA cryptocurrency has brought throughout its history, it is very likely that none of these resistances seen on the daily chart will be a problem for a long time.
The continuously higher and higher minimums and maximums that are seen from the monthly chart, speak of a clear dominance of the bulls. The recent market crash barely affected this dominant force.
After a healthy correction to the 78.6% Fibonacci, the price should be developing momentum towards the low of $ 27.
Weekly chart of the price of the THETA cryptocurrency. Source: TradingView.
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