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Theta token price prediction, break and retest pattern forming

 


Theta Token (THETA/USD) price has bounced back after a major sell-off over the past few weeks. The token is trading at $3.65, which is about 62% up from its lowest level this year. As a result, the total market cap has increased to approximately $3.66 billion, making it the 45th largest cryptocurrency in the world.


Theta is coming back

Theta is a leading blockchain project aiming to revolutionize the video streaming infrastructure industry. Its business model is similar to that of LivePeer, another popular streaming blockchain network.


The idea is simple. Instead of spending a fortune paying centralized companies like Google and Amazon, one can use a decentralized network of computers to host their videos. The network claims to be faster than existing platforms.


It's worth noting that Theta isn't trying to replace video companies like YouTube and Rumble. Instead, the company's goal is to create a replacement for streamers and other video users.


Theta has two tokens: Theta Token and Theta Fuel. Theta Fuel is equivalent to Ethereum gas. It is a tradable asset that is currently worth more than $1.2 billion. On the other hand, Theta Token is the token that helps secure the network.


In recent months, Theta has dedicated itself to the non-fungible token (NFT) industry. Earlier this month, developers launched Theta Drop, a platform that allows users to mint and sell non-fungible tokens. It is based on Theta's smart contract network.


The platform has already signed deals with Katy Perry and companies like PartyPoker and FuseTV, among others. While the platform was highly anticipated, its performance has been relatively muted since its inception.


Theta token price prediction



The daily chart shows that theta token price has been struggling for the past few weeks. In fact, its price has fallen more than 78% from its highest level on record. As a result, Theta has risen from a top 20 cryptocurrency to the current level of 45.


Its recent gain has led it to retest the key resistance level at $3.55. In technical analysis, a break and retest pattern is usually a sign that the price will continue to move in the same direction as its breakout. It remains below the 25-day and 50-day moving averages.


Therefore, there are chances that the coin will continue falling as the bears attempt to move below its YTD low of $2.30.

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