Theta (THETA) Analysis
In addition to automated chart patterns, altFINS’ analysts conduct technical chart analyses of top 30 cryptocurrencies. We call these Curated Charts and they evaluate 5 core principals of technical analysis: Trend, Momentum, Patterns, Volume, Support and Resistance.
Theta (THETA) technical analysis:
Trade setup: Upswing halted at $6 resistance and near 200-day MA, which makes it a stiff resistance. Subsequently broke below $4.75 support to resume a Downtrend and revisited flash crash lows of Dec 4 (~$3.50). Needs to make a Higher High (above $6) to reverse Downtrend. (set a price alert).
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
OBV (On Balance Volume): is flat, indicating that volume on Up days is equal to volume on Down days. Hence, demand from buyers and supply from sellers are in equilibrium
Support and Resistance:: Nearest Support Zone is $3.50. The nearest Resistance zone is $4.75 (previous support), then $6.00.
See more curated charts for top 30 coins.
Recent news and research:
Find more real-time news here.
What is Theta (THETA)?
Find full description and news on altFINS platform.
Theta Token is the native asset of the Theta Network, a blockchain protocol for improving the quality and deliverability of streaming video content.
The Theta Network is a blockchain protocol for improving the process of creating, streaming, and consuming video content online. Tokens are used in the network to incentivize users to act as peers who share redundant or excess computing and bandwidth resources with other peers. The network blockchain also designs for peers to pull streaming from from other peers instead of from the initial distributor itself, which can optimize for efficient content distribution and lower content delivery costs.
The network is a Proof-of-Stake blockchain, which the team decided will best meet the ultra high transaction throughput, storage consumption issues, and fast consensus requirements of a video streaming platform. The blockchain also introduces a multi-level Byzantine Fault Tolerance (BFT) mechanism which aims to provide the same network security as Bitcoin or Ethereum with much higher transactions per second validated. It’s multi-level BFT designs for a small set of nodes called a validator committee to produce a chain of blocks as fast as possible while the thousands of other network participants, called guardians, can check this chain’s validity. Guardians are a superset of the validator committee. Valid blocks require two-thirds of guardians to validate. Tokens were initially distributed as ERC-20 compliant tokens on Ethereum, but later were exchanged one-to-one for native Theta Network tokens. The Network mainnet launched on March 15, 2019.
Supply Curve Details
Token supply is fixed at 1 billion, initially issued as ERC-20 compliant tokens. When the mainnet launched, all tokens were swapped for native THETA tokens on the network blockchain. The Network also circulates a native operational governance token called Gamma. When the mainnet launched, every Theta Token holder also received 5 Gamma tokens.
Asset profile is provided by messari. Original version can be found at Messari