- Theta community has been touted as a next-generation video streaming platform
- The community faces competitors from different networks
- Theta token has pumped 20% however stays in consolidation mode
Theta Network token THETA/USD has returned greater than 20% up to now one week. The features within the final 24 hours had been 2.46% as of press time. The features think about that THETA has been comparatively subdued regardless of different cryptocurrencies surging.
Theta Network guarantees to revolutionize video streaming by the blockchain community. By turning into the next-generation video blockchain community, Theta will rival YouTube. That was evident mid-last yr when the community noticed exponential progress.
This yr, nevertheless, Theta has been beset with challenges. It is but to stay to the hype of being a YouTube rival. The booming metaverse functions with nearly all the things in digital area have additionally been a menace. Protocols similar to Axie Infinity have been most popular by players. However, as soon as Theta proves its course, it’s certain to rise. Recent features attest to expectations of a worth pump. But is the token bullish now?
Theta trapped in a consolidation zone regardless of newest features
Source – TradingView
On the day by day chart technical outlook, Theta token has been very steady above $1.06 assist. The token has held to this key stage since May. It suggests sellers’ exhaustion and the potential entry of consumers. Nonetheless, the $1.45 resistance has at all times taken the value again for each surge. That makes the consolidation zone a stage to look at.
Moving averages and MACD indicators present a bullish momentum for THETA. Our evaluation suggests {that a} break above $1.45 will affirm bullish momentum. Already, THETA has proven the chance of a breakout. Investors ought to watch the token over the following few days.
Summary
Although Theta token is within the consolidation zone, a possible breakout is on the playing cards. The token has been steady since May, and a breakout would entice extra purchaser curiosity.
