Bitcoin
BTC$41 980.08

-1.11%

Ethereum
ETH$3 127.51

-1.56%

Tether
USDT$1.000642

0.01%

Binance Coin
BNB$468.87

-0.82%

USD Coin
USDC$1.000502

0.01%

Cardano
ADA$1.35

-9.44%

Theta Token (THETA): The Rally Is Nearing Its End


October 2020

Over the past few months, Theta Token (THETA) has proven itself a cryptocurrency that is very resilient to price drop across the entire market, like the one that happened at the dawn of September. This partially proves that not only DeFi, but also the video streaming and gaming industries hold immense potential with regard to the incorporation of blockchain and digital tokens.

The Theta team has been exceedingly active during the spring and summer months in terms of establishing new business partnerships and improving the fundamentals. We saw the THETA Smart Contracts Sandbox being released on testnet; Google Cloud becoming a launch partner and validator for the mainnet 2.0; the acquisition of the US patent for decentralized data streaming; the collaboration with MGM Studios and the Ultra Gaming streaming platform, Binance, and Chainlink.

How deep will THETA retrace?


All these initiatives have had a very positive impact on the performance of Theta Token throughout the entire year. During that time, THETA got a 775% price boost against USD, broke away from Bitcoin by 564%, and outperformed Ethereum by 313% - a performance rivaled only by the top DeFi tokens. And even though Theta Token couldn't circumvent the September price drop entirely, as it was forced into a sizable retracement from $0.53 to $0.4, it made a swift recovery and went on to establish the new all-time high at $0.76, while most other cryptocurrencies fell below the 50 EMA and even 200 EMA, putting the entire bullish agenda that prevailed during the summer under question.

Year-to-date THETA chart

The chart above shows that THETA is flowing in the picture-perfect uptrend with distinctive higher highs/higher lows, a perfect disposition for swing trading. But an active THETA trader must keep in mind that such a strong rally can't last forever, so the correction must be around the corner. The last correction that lasted from May 27 until July 29 had gnawed off 50% of its value ($0.43 at the peak of the upswing to $0.21 during the multi-week consolidation). Given the current level of rally extension and the showings of key indicators, we expect THETA to start a comparably deep correction in the next five to seven days.

The weekly chart reveals that the smooth three-week rally has shown the first crack after hitting the ATH, while the previous bullish weekly candle had broken out of the upper Bollinger Band, which usually results in a sizable retracement or a full-blown correction.

1-week THETA/USDT chart

We expect the price of Theta Token to decrease by 30% in the next two to three weeks, though there is also a possibility of a deeper 45% depreciation to $0.4. The rise above $0.76 will cancel the correction scenario.

Author: Alex Paulson for Crypto-Rating.com

Related

Theta Token (THETA): The Correction Has Commenced, As Predicted
Theta Token (THETA): The Correction Has Commenced, As Predicted
THETA Sees Revival After a Mild Correction
THETA Sees Revival After a Mild Correction
THETA: The Life After the Pump
THETA: The Life After the Pump
Theta Token (THETA): Bull Flag Before the Rally
Theta Token (THETA): Bull Flag Before the Rally
Theta Token Delighting Both Gamers and Traders
Theta Token Delighting Both Gamers and Traders

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 68.4% 61 $41 980.08 -1.11% -4.28% $794 870 257 509 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 62.4% 77 $3 127.51 -1.56% -7.18% $372 891 153 254 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.2% 1 $1.000642 0.01% 0.03% $78 364 852 449 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 71.6% 59 $468.87 -0.82% -3.49% $77 417 695 076 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92% 1 $1.000502 0.01% 0.07% $46 059 036 016 USDC 7 days price change
6 Cardano (ADA) ADA Cardano predictions 75.2% 51 $1.35 -9.44% 4.09% $45 439 167 051 ADA 7 days price change
7 Solana (SOL) SOL Solana predictions 62.4% 82 $136.95 -2.75% -10.10% $43 024 397 105 SOL 7 days price change
8 XRP (XRP) XRP XRP predictions 66.8% 66 $0.743925 -1.72% -6.81% $35 457 804 798 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 74% 56 $81.82 1.09% 1.03% $29 241 624 904 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 72% 51 $24.32 -3.59% -11.19% $24 016 391 066 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 76.8% 46 $0.164050 -1.35% 2.27% $21 764 580 700 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 60.8% 81 $83.70 -3.03% -11.85% $20 451 218 237 AVAX 7 days price change
13 Polygon (MATIC) MATIC Polygon predictions 70.4% 59 $2.06 -4.40% -12.66% $15 255 717 058 MATIC 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 71.2% 61 $0.000028 -2.66% -14.36% $15 131 590 866 SHIB 7 days price change
15 Binance USD (BUSD) BUSD Binance USD predictions 91.2% 1 $0.999482 -0.12% -0.01% $14 344 134 549 BUSD 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.