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Monday, September 20, 2021

Reasons why Theta has doubled in a week

Technical analysis


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A trader has identified the cryptocurrency in an ascending channel formation. Theta (THETA) has shown great performance the past week and has doubled in value. Theta can be observed to have broken out to the upside from the channel formation, indicative of the increased bullish pressures facing the cryptocurrency.

The market sentiment for the cryptocurrency is bullish. 15 of the total 26 technical indicators stand at a buy position. The oscillators are neutral, leaning towards buy, while the Moving Averages stand at an indication of strong buy.

Before the bull run that started during December 2020, Theta was operating at a price level of around $0.60 but as the bulls picked up so did the cryptocurrency. Theta crossed the $1 mark in December and has been going upwards since. During January, Theta slowed down and market corrections overtook but the corrections could not last for too long and Theta achieved the all-time high of $4.5 during the first week of March. At the time of writing, the coin is trading at $4.28 apiece.

Major developments

Theta has shown phenomenal growth and the success of the cryptocurrency can be credited to the major partnerships and developments the founding team has managed to achieve over the recent months.

Partnership with Sony

The Europe wing of the entertainment giant, Sony, has recently announced a partnership with Theta following suit with other major companies like Google and Samsung. Sony will not be acting as a validator for the network’s proof of stake consensus protocol.

ThetaSwap

The cryptocurrency Theta launched its own cryptocurrency exchange – ThetaSwap – earlier in February. Theta has been under the spotlight recently because of the many major partnerships the cryptocurrency has managed to bag. The decentralized network also comes with an update of the block chain’s gas coin – now dubbed as DEX. Theta has achieved a price increase of almost 2,000% in the year and traders and investors alike are expecting the cryptocurrency to continue to grow and rise.

What is Theta?

Theta is the video delivery platform where users share their bandwidth in exchange for tokens. The platform was launched in 2019 as a solution to the problems faced by the video streaming industry. The network is also compliant with Ethereum’s blockchain and users can enjoy many benefits of the Ethereum network. Theta is also the name of the native token of the platform.

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Muskan Naveed
Muskan is an economist-in-the-making with a knack for writing. What started off as a hobby has now turned into a possible career path. She specialises in fin-tech but would never say no to writing.

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