THETA price down 7% – time to buy THETA?

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 numbers rising, investors are looking to buy THETA because of its growing use case. This article explores what the theta blockchain is supposed to achieve and whether it is a good time to buy THETA.

Theta: Support video streaming using blockchain technology

Video streaming is growing in popularity day by day and the numbers show it. Popular streaming platforms like Netflix and Disney + have seen phenomenal growth over the past year, with both services looking to expand. However, streaming video as we know it today is affected by several problems, most notably buffering issues.

Theta aims to solve these problems with blockchain technology. Theta operates a Proof-of-Stake (PoS) based blockchain ecosystem, enabling 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, cheaper and fairer for all industry users.

Much like most crypto platforms in the emerging industry, Theta is open source and THETA token holders have governance powers. In addition to THETA, TFUEL is also used in transaction processing.

Theta has become remarkably widespread in the past few months for a number of reasons.

The first is that viewers will be rewarded with better quality streaming services. Another is that content creators can improve their revenue, while video sharing platforms can save on building infrastructure and turn those funds into advertising and subscription revenue.

Theta also boasts of great wigs in the tech industry as its enterprise validators, including Google, Binance, Sony Europe, Samsung, and a few others.

Aside from video streaming services, Theta also enables users to build decentralized applications (dApps) and Ethereum compatible smart contract platforms. Non-fungible tokens (NFTs) are also supported on the theta blockchain.

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THETA overrun by the bears

The past few weeks have been tough for investors. This is because the stock market has been in free fall lately. Although cryptocurrencies have been one of the top performing areas in the past six months, it has succumbed to market pressures.

This is reflected in the price movement of THETA, which is down 7.17% and trading at $ 4.96 on the daily trading chart.

It is now the 22nd most valuable cryptocurrency on the global charts and has a market capitalization of $ 4 billion. Its 24 hour trading volume is 8.95% which is a good signal.

If you are a value investor you know this is a good time to buy THETA at a bargain and sell high once the market recovers enough.

In terms of price, THETA has come a long way. THETA started at $ 1,912 on January 1 and rose to an all-time high (ATH) of $ 15.72 on April 16, rising more than 4,000% in four months. However, it failed to sustain that price move and fell $ 9.9 a week later.

It rebounded but stopped at the $ 12.37 resistance zone on May 8, with the bears since then.

THETA technical and fundamental analysis

On the trading chart, THETA is losing the battle with digital token trading below the 20-day moving average (MA) support price of $ 6.248, indicating a bearish trend. The relative strength index (RSI) is also not promising as the oscillator is in an oversold area of ​​29.07 and is weakening.

However, this shouldn’t put you off if you’re convinced that blockchain has some promises.

Meanwhile, market analysts believe 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 is $ 58,778.

The theta blockchain is already gaining acceptance day by day, with the popular music art Katy Perry NFTs launching on the video streaming platform. She also got involved in the theta blockchain.

It has also launched its standalone decentralized exchange (DEX) called ThetaSwap, which will enable the seamless exchange of TNT-20 tokens.

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About Jimmy Aki PRO INVESTOR

Jimmy is a UK-based economist with outstanding hands-on and face-to-face experience in macroeconomic financial analysis, forecasting and planning. He has refined his skills through a cross-continental activity as a financial analyst, which gives him intercultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him to peek under the global hood to see how the world works.

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