Theta(THETA)/USDT Price Prediction: 17 December 2021

Overview

Blockchain is becoming piercing through every industry in recent times. Theta is a next-generation video and entertainment blockchain launched in March 2019. The network is mainly built for video streaming where-in the users share bandwidth and computing resources on the peer-to-peer network. The contributors or the content creators here have more control over their videos and also have a chance to monetize them. 

The native token of the network THETA with its monstrous rally in 2021 surprised many in the crypto space. Ranked once in the top 20, the asset managed to climb more than 1300% since the beginning of the year. However, the price is currently witnessing difficulty is coiling up towards the resistance, yet could ignite another notable bull rally very soon.

Theta(THETA) Fundamental Analysis

THETA is the native token of Theta Network founded by Mitch Liu & Jiyengi Long in 2018, holding a private token sale and selling nearly 30% of the total supply, raising $20 million. For the smooth functioning of the network, the founders also rolled out TFUEL, another native token to execute the transactions. THETA is a governance token while TFUEL is a utility token. It can be staked and earned rewards in the form of TFUEL. THETA holders are also eligible to validate the transactions, produce blocks and vote on the proposals framed for the betterment of the network. 

The network mainly works on the Proof-of-Stake mechanism which is termed as the Multilevel- Modified Byzantine Fault Tolerance(BFT) by the network. This mechanism is a little different from the traditional PoS mechanism in which both the validator and the guardian nodes participate to priortise the security of the platform. 

The network is powered by three main types of group of participants: 

• Enterprise Validator Nodes:- These nodes are the companies that stake the THETA tokens to gain rights to process the transactions on the network. 
• Guardian Nodes:- These nodes ensure that the nodes proposed by the enterprise nodes are accurate or not
• Edge Nodes:- The users who share their bandwidth or stream their videos on the Theta Network are the Edge Nodes.

The validator nodes are required to stake a minimum of 10,000,000 THETA while Guardian nodes need to only stake 100,000 THETA. The voting power will be decided by the amount of THETA tokens staked on the network.

Will Theta THETA Price Hit $10 by 2021?

THETA price since the inception remained below $1 and after undergoing multiple variations, finally broke through the $1 milestone before registering the yearly close. However, with the beginning of 2021, the coin gained huge bullish momentum and skyrocketed to hit its ATH at $15.90. However, the asset quickly fell into a bearish trap due to the crash that happened in May. 

Yet the asset without wasting much time utilized every resource to get back to its initial positions. But woefully each time it faced rejection and plunged hard breaking down each support level. Yet the crypto sustained hard above the strong support levels formed at $4.2. And the asset flipped the same support levels a couple of days before and attempted hard to maintain with the uptrend.

The recent sell-off has squeezed the asset to a greater extent and hence the volume remains depleted compared to the previous week. However, the probabilities of a notable uptrend surface the waters and hence in the upcoming days the asset could undergo a decent rally. Yet it still depends on the volume infused into the platform. Considering the present trend, the THETA coin price may end the yearly trade hovering around $5 to $6.5 and with an extended rally may attempt to hit $10. But ATH may remain highly distinct. The Theta Price Today is $4.16 while the token price in INR at the press time is INR 315.66.

Factors Affecting Theta Price Today

The market sentiments do rely on the token’s price as the bull market escorts the price and the market slash drags the price behind. Theta price also after remaining silent for months roared amid the bullish market sentiments. Further, the asset also plunged yet maintained the lower support areas. No doubt the resistance levels are pretty lowered through the rally, yet could be extended as on time.

Considering the technicals, RSI was never in the oversold region for a longer period as it rebounded quickly on reaching those levels. However, the RSI is currently consolidating along with the lower levels which indicated a significant rally is fast approaching for the asset. On the other hand, MACD, for the past month was pretty bearish, showcasing huge selling pressure. However, it’s on the verge to let out a buy signal as the bears appear to be inactive.

The network in recent times has entered the world of NFT’s and the metaverse where-in popular celebrities are rolling out their NFT’s on Theta Network. Theta coin is designed for an efficient and faster transaction than any other platform. And hence if numerous NFT’s just take a shift on Theta, then the extreme demand for the network could also impact the THETA price positively. 

Where to Buy Theta Coin

Theta token price gained the centre spot during its recent rally and hence attracted many platforms to itself. Therefore if you are wondering how to buy Theta coin, you can buy the same with CoinDCX app. It is India’s most trusted platform offering a wide range of cryptocurrencies at affordable rates. 

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