The theta price is roaring for the next run
- THETA price is currently in an accumulation zone with a downtrend sign. In contrast, the THETA / BTC pair is also in a bear trap
- There is a formation of Elliot corrections in THETA showing that price can test the $ 11.63 support
Source: trade view
THETA is a blockchain-based network for video streaming. It was launched in March 2019 and operated as a decentralized network where users share bandwidth and computing resources on a peer-to-peer basis. The project is led by Steve Chen, co-founder of YouTube, and Justin Kan, co-founder of Twitch. Since its inception, an ROI of over 7860% has been achieved. The coin rose from an all-time low of $ 0.03977 to $ 14.99, prompting investors to fill their pockets with a return of 30750%. THETA Price predicted a great return for the coming days.
THETA currently ranks 9th with a market cap in excess of $ 12,000,000,000. The market cap to volume ratio for the coin is 0.06285, and if it exceeds 0.6 then a buying frenzy is observed.
Technical Indicator Propose a bearish move for the THETA Price Forecast
Source: trade view
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THETA’s weekly technical chart shows bullish momentum. When the shorter time frame of the daily chart was reached, the THETA price formed a correcting Elliot wave. Following the Elliot wave pattern, the price can test the level up to $ 11.72. The THETA price is above the moving average of $ 20 and $ 50. The 20MA line (red) is at $ 8.72 which temporarily supports the coin. The upside resistance for the coin is $ 14. On the flip side, the coin has seen a $ 11 rebound. The accumulation zone is forming on the 4-hour chart. If the price goes above the zone, a new high can be made. The THETA / BTC pair is currently performing negatively but may see an upswing in some trading sessions.
RSI (NEUTRAL): It stands at 52 while showing its presence in the neutral zone. There is no significant slope formation, which suggests that the price may remain in consolidation for a while. The general sentiment of the RSI is neutral.
Conclusion
THETA price predicts an excellent return for the future. THETA has a great team behind them and has had great returns in the past. The THETA / BTC pair can also break through its previous barrier and see a new high forming.
Technical levels
Home Grant: $ 11
Main Resistance: $ 14
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