Technical Analysis: Theta Token Showing Signs of Consolidation

Technical Analysis: Theta Token Showing Signs of Consolidation

Theta Token Technical Analysis

Theta/Btc price is showing signs of consolidation after breakout out from its downtrend which started after the completion of mainnet 2.0. The price is now slowing consolidating and testing support. On a higher timeframe the RSI is oversold which is a good sign for Theta token as it shows less selling pressure on the books.

Theta Token Price Consolidation

Theta/Btc Price Consolidation

On 1 day time-frame, you can see that the RSI is below 10 which is indicating that the Theta token is oversold and the selling pressure has exhausted. The price has also broken out from its downtrend but is still testing its support.

Price Testing Support

Currently, the price is testing the support. The price momentum is testing towards the lower bbands but this indicates a buying opportunity with less risk and more reward. The price is touching the base of bbands and indicating a bullish momentum going forward if the price is able to maintain its current support levels.

Learn more about Theta Token: Link

Theta Network is a blockchain-based, a content-delivery platform that permits high-bandwidth content delivery through decentralized technology. The existing mainnet supports Samsung VR, Sliver.TV, along with MBN, Korea’s premier enterprise news outlet.

In reality, Theta Labs’ founding workforce also operates Sliver.TV and hopes to disrupt streaming videos. THETA and TFUEL are the proprietary cryptocurrency tokens utilized by the network.

Learn More about Theta 2.0 Mainnent: Link

Theta Mainnet 2.0 is a key upgrade to the Theta blockchain, introducing Theta’s novel Multi-BFT Consensus. Community-run Guardian Nodes (‘GN’). Guardian Nodes (‘GN’) will now take a strong role in block generation, finalizing blocks at regular hundred block intervals and making up the 2nd level of defence after the Validator Nodes which generate each block.

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