Today it is time to review a cryptocurrency that increased more than 40,000% from the minimum that it reached in March 2020, he spoke of THETA, now one of the 9 largest in the ecosystem, positioning itself ahead of Litecoin and behind Uniswap.
At the time of this writing, the Theta token is trading at $ 13.33, accumulating a gain of 12.95% in the last 24 hours and 88.28% in the last 7 days.
Do you want to know how this token managed to get to where it is and where its price could go? Stay and read this publication.
What is the Theta cryptocurrency?
It is the native token of the blockchain network Theta Network, a platform created in 2016 and whose purpose is to decentralize the distribution of videos through a peer to peer network, in which it is possible to share bandwidth and computing power to transmit in alive.
It was founded by Mitch Liu and Jieyi Long. Top development advisers include Steve Chen, YouTube Co-Founder, and Justin Kan, Twitch Co-Founder.
Thanks to the sustained rally in the price of Bitcoin, investors have begun to delve deeper into the sea of cryptocurrencies, looking for projects with strong fundamentals with which to offer use cases for the real world.
Among the most determining factors behind the rise of this crypto in recent weeks we have: the project’s intentions to interact in the world of DeFi with its decentralized exchange Thetaswap, the integration of smart contracts and NFT to the network, and a growing number of partnerships to broadcast high-quality content on the platform.
After a revaluation as impressive as that of this cryptocurrency, it is more than clear that we are going to find pure bullish trends.
Theta went from costing $ 0.035 to a recent all-time high of $ 14.96. The trend seen from the weekly chart has not stopped. At the moment there are no signs that it wants to make way for a major correction.
There’s a good chance that a pullback is about to happen, but it’s not a good idea to sit back and wait for it. If it happens, it will be nothing more than another good buying opportunity to climb in favor of the trend.
Bulls show a bit of exhaustion on the daily chart
In the time frame with daily candles, we do observe a bit of bearish intentions for the very short term, which could simply be the necessary ones to give way to a small correction.
The direction on this chart is also solidly bullish, and just a few losses may be enough to resume the strong momentum that price brings.
We may see a search for $ 12.5 or $ 10.65 before moving up further and setting new all-time highs.
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