In addition to automated chart patterns, altFINS’ analysts conduct technical chart analyses of top 30 cryptocurrencies. We call these Curated Charts and they evaluate 5 core principals of technical analysis: Trend, Momentum, Patterns, Volume, Support and Resistance.
Theta (THETA) technical analysis:
Trade setup: Since May 2022, price continues to consolidate in a Sideways Channel ($1.00-1.50). Swing trader: trade the channel (Enter near $1.00 support and Exit near $1.50 resistance). Support at $1.00 has held several times since May but overall trend is down, so trader need to use a tight stop loss. Trend trader: wait for a breakout above $1.50. (set a price alert).
Pattern: Price is trading in a Sideways Channel , which is a neutral pattern (indication of market indecision). Trend Traders ought to wait for a breakout in either direction, although typically it breaks in the direction of the existing trend. Swing Traders can trade the range – Enter near Support and Exit near Resistance.
Trend: Downtrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Mixed as MACD Line is above MACD Signal Line (Bullish) but RSI ~ 50 (Neutral).
OBV (On Balance Volume): is flat, indicating that volume on Up days is equal to volume on Down days. Hence, demand from buyers and supply from sellers are in equilibrium
Support and Resistance:: Nearest Support Zone is $1.00. The nearest Resistance zone is $1.50, then $2.25.
See more curated charts for top 30 coins.
Recent news and research:
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What is Theta (THETA)?
Find full description and news on altFINS platform.
Theta Token is the native asset of the Theta Network, a blockchain protocol for improving the quality and deliverability of streaming video content.
The Theta Network is a blockchain protocol for improving the process of creating, streaming, and consuming video content online. Tokens are used in the network to incentivize users to act as peers who share redundant or excess computing and bandwidth resources with other peers. The network blockchain also designs for peers to pull streaming from from other peers instead of from the initial distributor itself, which can optimize for efficient content distribution and lower content delivery costs.
The network is a Proof-of-Stake blockchain, which the team decided will best meet the ultra high transaction throughput, storage consumption issues, and fast consensus requirements of a video streaming platform. The blockchain also introduces a multi-level Byzantine Fault Tolerance (BFT) mechanism which aims to provide the same network security as Bitcoin or Ethereum with much higher transactions per second validated. It’s multi-level BFT designs for a small set of nodes called a validator committee to produce a chain of blocks as fast as possible while the thousands of other network participants, called guardians, can check this chain’s validity. Guardians are a superset of the validator committee. Valid blocks require two-thirds of guardians to validate. Tokens were initially distributed as ERC-20 compliant tokens on Ethereum, but later were exchanged one-to-one for native Theta Network tokens. The Network mainnet launched on March 15, 2019.
Supply Curve Details
Token supply is fixed at 1 billion, initially issued as ERC-20 compliant tokens. When the mainnet launched, all tokens were swapped for native THETA tokens on the network blockchain. The Network also circulates a native operational governance token called Gamma. When the mainnet launched, every Theta Token holder also received 5 Gamma tokens.
Asset profile is provided by messari. Original version can be found at Messari