THETA – Forecast Summary
|THETA Forecast: H3 2021|
Price: 5.18 – 10
Price drivers: Cryptocurrency Market, Theta Mainnet 3.0, Technicals
|THETA Forecast: 1 Year|
Price: 10.27 – 15.883
Price drivers: Increased Adoption and Utility, Cryptocurrency Market, Technicals
|THETA Forecast: 3 Years|
Price: 16 – 25
Price drivers: Global growth of video streaming industry, New Developments from THETA, Crypto Market Sentiment
The cryptocurrency running on the blockchain of Theta named THETA token has been trending in the market lately after seeing a massive surge in its prices during the first quarter of 2021. Since then, the cryptocurrency has made its mark among the famous cryptocurrencies like Bitcoin, Ethereum, and Dogecoin. However, the recent ongoing weakness in the crypto market dragged the token downwards and had it struggling to remain near the highest point it achieved two months ago at $14. Currently, Theta is ranked as the 17th largest cryptocurrency in the market based on the market capitalization of more than $6.9 Billion. Mitch Liu is the Co-founder and CEO of Theta Network. Let us introduce Theta Network and THETA coin first to understand the price prediction of this cryptocurrency better.
After the popularity of YouTube and other similar projects, video streaming became widely popular in the world. However, video streaming services still face many problems despite their attractiveness, including the high cost of the content delivery networks. The high-resolution streams demand high prices along with the last-mile delivery issues. Keeping in mind these issues and the popularity of video streaming, the developers came up with a solution called Theta Network with its native token THETA.
Theta aims to disrupt the video storage industry with its use of blockchain technology. The project enables the users to store the files in a decentralized format instead of hosting videos in data centers. Theta Network was launched in Spring 2019 as an open-source blockchain and peer-to-peer network for providing high-quality video streams at low cost to developers. The content creators can build specialized dApps on the blockchain, while the viewers can benefit from the rewards they receive after sharing their bandwidth.
Recent Changes in the THETA Price
|Period||Change ($)||Change (%)|
|Since Feb, 2018||+6.1143||+4433.9%|
THETA Price Prediction for the Next 5 Year
During the first couple of years of its existence, the price of THETA stayed around the $0.10 level. However, things started to change last year when the price broke the $0.20 mark in May 2020 for the first time. In December 2020, the prices surpassed $1, and then prices soared massively. From December 2020 till Feb 2021, the THETA coin had crossed the $3.7 level, and in March, its prices soared more than 293% in a single month and reached $14. It touched an all-time high in April at $15.08, and since then, it has been declining.
Like all other cryptocurrencies, Theta has struggled in the past few months as the world’s second-largest economy has initiated a crackdown on cryptocurrencies. The Chinese government has asked all financial institutions to block all accounts dealing with cryptos in any way. Furthermore, recently the government has started shutting down all cryptocurrency mining facilities working in the country, which added further pressure on the market and dragged not only THETA coin but also others lower.
However, the outlook for the THETA token is positive for the long-term as investors and fans of the network are counting days for the upcoming launch of Theta Mainnet 3. This upgrade will introduce TFUEL Staking and uptime mining and lead to more activities in the non-fungible tokens (NFTs) industry. Furthermore, the outlook for upcoming years for THETA token also looks promising as streaming video is not going out of fashion anytime soon. The blockchain platform has begun to roll out in the beta phase to appreciate a thriving decentralized ecosystem. Following are some factors that could raise the price of THETA tokens in upcoming years.
Factors Affecting THETA prices:
Global Video Streaming Market Growth – With the increasing popularity of the video streaming industry, the dominating platforms in the sector, including Netflix, YouTube, Hulu, Amazon Prime Video, and Twitch, have gained a lot of attention lately, in addition to other decentralized platforms. The whole sector is projected to grow at an annual rate of 20% from 2020 to 2027, and Theta Network can disrupt the current monopolized space of the sector by elite businesses.
The blockchain of Theta works to reduce the content delivery network costs related to the streaming services. It can also serve the existing giants with their technology, streamlining both operations and costs significantly.
Increasing Adoption – Many high-profile companies like the above-mentioned giants of the video streaming industry can get several benefits from the highly efficient blockchain and trending token. Theta is used to divert throughput to the videos demanding the most bandwidth, which are also considered high-performing videos due to high traffic and viewership.
The companies which utilize the service provided by the blockchain protocol are required to hold Theta tokens. At the same time, the network itself gets the benefit of acquiring a separate currency for gas through a fee-based system.
In this way, both parties can yield greater profit margins as Theta network reduces the cost, making this integrated lucrative platform more appealing for the companies and investors. This feature of high profitability encourages many video streaming service providers to adopt the Theta network. The demand is increasing with the popularity that depicts a bright future for THETA token.
High Profile Partnerships – Another thing that has raised the popularity of the Theta network and made it so attractive is its partnership with one of the shining beacons of the market. The famous partnerships of Theta include Google, NASA, and Samsung, along with many others.
Google powers the cloud infrastructure of Theta, and the users of Google can operate nodes on the Theta network. Samsung users can enjoy Theta.tv on all Samsung Galaxy S20 smartphones. Partnership with brands like NASA and Nervos and dozens of other content-creating companies are already growing, enhancing the outlook for the cryptocurrency involved with the network.
Theta Mainnet 3.0 – Only 3 days left to launch the Theta Mainnet 3.0 upgrade that is expected to introduce TFUEL Staking and Uptime Mining. The upgrade is scheduled to be introduced on the 30th of June, which will substantially boost the token economics of TFUEL. Theta blockchain has two tokens, THETA and TFUEL. The first one is the governance token, whereas the second is used to reward node participants and use within the Theta blockchain. The upcoming Theta Mainnet 3.0 will burn at least 25% of each TFUEL used to pay for fees for the Theta blockchain. The burning will reduce the circulating supply of TFUEL and eventually lead to increased demand due to scarcity and hence, the TFUEL and THETA price will inch up in the future. The future of Theta looks bright as it is more likely a contender to be the next YouTube in the decentralized world.
Technical Analysis – THETA/USD Consolidates Over Double Top
THETA/USD has exhibited a strong bearish bias since April 2021, plunging from $15.79 level to $6.63 level. On the technical front, the pair is consolidating in between a narrow trading range of $5.18 and $10.27. However, the coin is holding above 20 and 50 periods EMA support levels. The leading technical indicators, the MACD (Moving average convergence divergence) and RSI (Relative Strength Index), are exhibiting a bearish trend in the crypto coin.
On the weekly time-frame, the MACD and RSI have crossed below the mid-level (0 levels), and 50 respectively, which exhibits a strong selling trend in the price. THETA/USD has closed a series of bearish engulfing candles on the weekly time frame, and it’s likely to continue a downward trend until the $5.1800 level. As you can see on the weekly chart, the coin is gaining immediate support at $5.1800 that’s being extended by a double bottom level. This level’s violation can extend the selling trend until the $1.8790 level.
THETA/USD – Weekly Time-frame – Double Bottom in Play
On the weekly time-frame, THETA/USD has closed a series of bearish engulfing candles that are likely to keep the pair on a bearish mode at $6.613 level. On the lower side, THETA may find support at the $5.1800 level, and below this, the next support holds around $1.8790.
THETA/USD – Daily Time-frame – Choppy Session Continues
The THETA/USD coin is trading with a mixed bias at $6.612. On the daily timeframe, it has odds of taking a bullish reversal over $5.1800 double bottom support level. On the higher side, the coin may face immediate resistance at the $7.90 level extended by 50 periods EMA level. At the same time, a bullish crossover of the 50 EMA line is expected to drive further buying until the $10.27 level. The RSI and MACD indicators support a mixed trend as the MACD is holding above 0, while the RSI is still below 50. This demonstrates indecision among investors as they wait for another solid fundamental to drive a buying trend. Therefore, the violation of the immediate resistance area of the $10.27 level can lead the THETA/USD price towards an initial target level of $13.27 while support holds at $1.87. Good luck!