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- 1 Theta Network price has been facing weakness in recent times, heading in the downward direction.
- 2 THETA price is bouncing back from the lower level of $1.930346.
Theta represents a foundational blockchain technology tailored for video, artificial intelligence, and entertainment applications. It operates as a “dual network” system, integrating the Theta Blockchain with the Theta Edge Network.
The Theta Blockchain, a proof-of-stake network, facilitates payments, rewards, staking, and smart contracts. In contrast, the Edge Network manages computational tasks, storage, and the distribution of video content, AI processing, and various computational tasks like scientific research, simulations, and financial analysis.
Within the Theta ecosystem, two distinct cryptocurrencies exist – THETA, which serves as the token for staking and governance, and TFUEL, which functions as the operational token for executing transactions and smart contract operations. Looking ahead, Theta plans to introduce Theta EdgeCloud, a pioneering hybrid cloud computing platform with a fully decentralized structure, anticipated to debut in 2024.
Theta’s Web3 framework offers media enterprises the tools to enhance revenue, and user interaction, and explore novel business models within the Web3 domain.
Technical Analysis of The THETA Crypto Price
Theta Network cryptocurrency experienced a significant sell-off by sellers, resulting in a 15% drop to the $1.9 support level. According to Theta Network price prediction, the cryptocurrency has the potential to recover from its current position and reach the higher threshold if it breaks the upper resistance line of the channel. However, for this to happen, Theta Network crypto needs to attract more buyers and break out of the current downtrend on the daily chart. In March 2024, Theta Network reached its peak at $3.75671172, but it couldn’t hold on to this level, resulting in its current value. Currently, Theta Network cryptocurrency is waiting for upward momentum to move towards the distribution phase on the daily chart.
On the daily technical chart, Theta Network Crypto displayed strong selling pressure. Additionally, the price is trading below the significant EMA, indicating further weakness in the cryptocurrency. The RSI curve is close to 47, which is an oversold zone, with a negative outlook, indicating bearish sentiment in Theta Network. The MACD indicator also continued to form a red band and a bearish crossover appeared, indicating a corrective move.
At the time of writing, Theta Network Crypto (Theta) was trading at $2.380, showing an intraday loss of 3.49%, suggesting a bearish trend on the charts. It has a monthly negative return of 15%, and its market cap is $2.38 Billion. Analysts predict that Theta price will reach lower levels in the upcoming sessions.
Theta Network Crypto Price vs Volume Analysis
According to the graph of price and volume, the trading volume has dropped in recent times, and the price has also dropped with trading volume. The trading volume has dropped tremendously in a week and the price has also declined. If the trading volume keeps falling then it may leave a negative impact on the price.
Summary
Theta Network price prediction is bearish for the short term till Theta Network crypto trades below key EMAs. However, the prices look oversold so a short-term pullback rally is possible. The technical analysis suggests that the Theta price is in the bears’ grip but if a short squeeze triggers then regaining is possible.
Technical Levels
Support Level: $1.71165
Resistance Level: $3.0838
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.
