The cryptocurrency market is losing its value this Thursday, the price of Bitcoin fell below $ 47,000 and the risk of further falls is not over yet. Theta THETA / USD also remains under pressure, and in less than three days, the price of this cryptocurrency has weakened from $ 8.27 to $ 6.55, while the current price is hovering around $ 6.7.
Fundamental Analysis: Theta Announced Partnership With ONE Championship
Theta is a decentralized peer-to-peer network that launched in 2019 and according to Steve Chen, YouTube co-founder, this network could improve the video streaming industry. Theta offers better video delivery from esports, music, movies to distance education at lower costs.
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Today’s content delivery networks are poor in quality with high load times, while Theta offers superior quality, much faster load times, and smoother video streaming. Theta has reduced the cost of delivering video streams and offers all developers to build on their network.
Developers can create specialized Dapps for their audience, and it is important to mention that viewers can be rewarded for sharing resources.
The price of Theta (THETA) has skyrocketed since the beginning of August 2021 and reached a price level above $ 8 on August 16. Since then, the price has collapsed, the daily trading volume has weakened, but the positive news is that Theta recently announced a partnership with ONE Championship.
Under this agreement, ONE Championship will launch the first non-fungible token (NFT) celebrating ONE’s superstar athletes and their most memorable moments on the Theta blockchain platform.
“This partnership paves the way to establish Theta as the de facto standard for video and media NFT, as the fastest and greenest blockchain built for media and entertainment. We are at the beginning of hyper-growth and global adoption of Theta towards 2022. and our partnership with ONE and other future brands will accelerate this, ”said Mitch Liu, Co-Founder and CEO of Theta Labs.
There are already many projects on the Theta platform, but the main question among investors is whether the THETA is undervalued at the current price and will it go up in September 2021? Theta could advance again to levels above $ 8 or even $ 10; Still, if the price of Bitcoin falls below the support of $ 45,000, that will negatively influence the price of this cryptocurrency.
Technical Analysis: $ 6 Represents Strong Support Level
Data source: tradingview.com
Theta (THETA) is currently trading around the $ 6.7 level, and it would be a strong sell signal if the price falls below the $ 6 support. The next price target could be around $ 5 or even less; still, if the price rises above $ 9, we have the road open to $ 10.
Summary
Theta announced a partnership with ONE Championship this month and under this agreement, ONE Championship will launch the first non-fungible token (NFT) on the Theta blockchain platform. Theta has weakened from recent highs recorded in the third trading week of August, and if the price falls below the $ 6 support, the next price target could be around $ 5.
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