THETA Price Down By 7% – Time To Buy THETA?
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Theta blockchain is an exciting crypto project. Theta aims to make it easy for anyone to upload content and stream videos without relying on traditional means.
With video streaming figures up, investors want to buy THETA due to its growing use case. This article explores what the Theta blockchain aims to achieve and whether or not it’s a great time to buy THETA.
Theta: Powering Video Streaming With Blockchain Technology
Video streaming is becoming increasingly popular by the day, and the figures show it. Popular streaming platforms like Netflix and Disney+ have recorded phenomenal growth in the last year, with both services looking at expansion. However, video streaming as we know it today is beset by several issues, most notably buffering issues.
Theta aims to solve these issues with blockchain technology. Running a proof-of-stake (PoS)-based blockchain ecosystem, Theta allows users to share bandwidth and computing resources on a peer-to-peer basis.
The blockchain platform bills itself as the next generation for video streaming and aims to decentralize video streaming, data delivery and edge computing by making them more efficient, cost-effective, and fair for all industry users.
Much like most crypto platforms in the emerging industry, Theta is open source, and THETA token holders have governance powers. Aside from THETA, TFUEL is also used in transaction settlements.
Theta has since remarkable adoption in the last few months due to several reasons.
The first is that it rewards viewers with better quality streaming services. Another is that content creators can improve their earnings while video platforms can save on building infrastructure and channel those funds into advertising and subscription revenues.
Theta also boasts of big wigs in the tech industry as its Enterprise validators, including Google, Binance, Sony Europe, Samsung, and several others.
Aside from video streaming services, Theta also allows users to build decentralized applications (dApps) and Ethereum-compatible smart contract platforms. Non-fungible tokens (NFTs) are also supported on the Theta blockchain.
67% of all retail investor accounts lose money when trading CFDs with this provider
THETA Overrun By The Bears
The last couple of weeks have been rough for investors. This is because the stock market has been on a freefall lately. Even though cryptocurrencies have been one of the best performing space in the last six months, it has succumbed to market pressure.
This is reflected in the price action of THETA, which is down 7.17% and is trading at $4.96 on the daily trading chart.
Meanwhile, it is the 22nd most valuable cryptocurrency on the global chart and has a $4 billion market cap. Its 24-hour trading volume is 8.95% which is a good signal.
If you are a value-driven investor, you will know that this is a great time to buy THETA for a bargain and sell high as soon as the market recovers sufficiently.
Price-wise, THETA has come a long way. Kicking off at $1.912 on January 1, THETA rose to an all-time high (ATH) of $15.72 on April 16, increasing more than 4,000% in the space of four months. However, it could not sustain this price action and subsequently dipped $9.9 a week later.
It made a rebound but stopped short at the $12.37 resistance zone on May 8, with the bears seizing the market ever since.
THETA Technical And Fundamental Analysis
On the trading chart, THETA is losing the battle with the digital token trading below the 20-day moving average (MA) support price of $6.248, denoting a bearish trend. The relative strength index (RSI) is also not promising, with the oscillator standing in an oversold region of 29.07 and dipping.
However, this should not deter you if you are convinced that the blockchain holds some promise.
Meanwhile, market analysts believe that the THETA token will still hit a bull run by the end of the year. Wallet Investor puts its 1-year forecast at $16.628 while its 5-year forecast stands at $58.778.
The Theta blockchain is already gaining acceptance by the day, with popular musical art Katy Perry launching NFTs on the video streaming platform. She has also acquired a stake in the Theta blockchain.
It also launched its stand-alone decentralized exchange (DEX) called ThetaSwap, which will enable the seamless exchange of TNT-20 tokens.
Buy Crypto at eToro, the World’s #1 trading platform!
