Theta Network Price Analysis: THETA Shows Weakness

Join Our Telegram channel to stay up to date on breaking news coverage

Today, Theta Network (THETA) has followed a similar trend with the overall crypto market, holding a value of $0.62 at 04:13 AM EST. This figure reflects a downturn of 2.24% in the past 24 hours.

Given the bears’ charge on the market, there are assumptions about whether THETA will hit a base point at $0.5. But will this speculation hold? The following analysis will provide hints.

Theta Network Gives Up Past Gains, What to Expect?

Theta Network has been on a downtrend since the beginning of August, when it registered a value of $0.78. However, following a significant price drop, THETA trades at $0.63, representing an over 20% decline from its past month’s valuation.

But, the token’s trading volume has spiked significantly, hovering at over $10.8 million with over 45% increase in the last 24 hours. While this uptick demonstrates a surge in trading activity, it remains uncertain if it comes from massive sell-or-buy activities.

Theta Network’s Price Could Make U-Turn, But How?

The above chart shows THETA has been under bearish pressure over the past seven days. However, there were times of notable upticks, particularly in the past two days. But THETA’s market projects more sales potential, given the signals from key technical indicators.

The prevailing sell pressure has kept the token’s price significantly below the 50-day and 200-day Moving Averages, a position that implies more downward movements.

But the faded red MACD histogram bars suggest a weakening downtrend as the bears gradually regain momentum.

Notably, the RSI value at 33.19 presents an attractive entry point for investors willing to buy the dip as THETA moves toward the oversold position. Traders might interpret this as a buy signal to accumulate more tokens in anticipation of more rallies, a feat that could trigger a bullish rebound in the coming days.

THETA Support Level Strengthens Comeback Possibility

The support position at $0.61 further clears the doubts of a comeback, with THETA price maintaining levels above this point over the past several weeks.

If this prediction prevails, market participants could see the token’s price surge to a new high around the resistance at $0.71, an additional 12% to its price now.

Continuous Token Burn Could Catalyze Higher Valuation

The continuous THETA token burn could sustain significant milestones in its price trajectory. Notably, THETA introduced a new TFuel burning mechanism in 2020. This mechanism burns at least 25% of the network fee on the Theta edge network to reduce token supply.

Notably, such token burn events have historically proven to be catalysts for driving up the valuation of digital currencies. This phenomenon can be attributed to the economic principle of supply and demand, which is central in determining the value of any asset, such as THETA.

This procedure typically removes the number of tokens accessible to market participants, creating scarcity that could boost the asset’s valuation. In the case of THETA, a burn will reduce the overall supply of tokens in circulation. This is noteworthy due to the scarcity effect it creates.

As the available token supply decreases, the existing and potential demand for THETA remains constant or grows, leading to an imbalance between supply and demand. This imbalance can initiate a series of market dynamics that contribute to an increase in the token’s value.

Like any cryptocurrency, THETA’s price performance is influenced by various elements, including technological innovation, utility, partnerships, market sentiment, and broader industry trends.

We collaborated with @Film3Squad to host the MetaCannes Film3 festival, a first in Web3. Utilizing our industry leading studio-level DRM technology, we are building the future of media and entertainment! Check out our new case study here. pic.twitter.com/3ag42YsWCg

— Theta Network (@Theta_Network) August 2, 2023

For instance, the Theta network’s partnership with Film Square contributed significantly to the price uptick recorded in August.

Wall Street Memes Amasses Over $25 Million in Presale – Countdown Underway

Fueled by the spirit of Meme stocks, Wall Street Memes stands as a meme token gaining remarkable traction. Its ongoing presale phase has already amassed over $25 million, hinting at the vast market confidence in its potential to become the next prominent cryptocurrency.

In addition to this impressive fundraising feat, the project has exciting plans in the pipeline. A staking service and premium exchange listings are set to be unveiled on September 27, adding a layer of anticipation to the already thriving ecosystem of Wall Street Memes.

Wall Street Memes is on the verge of wrapping up its multi-stage presale, with a small amount left to achieve its ambitious $30 million target. Notably, the token’s price has gradually climbed from $0.033 to $0.0337 as it approaches the 30th and final stage of the presale.

The momentum behind this campaign is undeniable as the project edges closer to fulfilling its financial goals.

Core Mission of Wall Street Memes Coin

At its core, the Wall Street Memes coin aims to leverage the energy of the investor-centric social movement. This movement gained significant attention as retail stock traders united on platforms like Reddit’s WallStreetBets, taking on well-established financial institutions.

With a robust social community of over one million sharp retail investors, Wall Street Memes holds a substantial online presence.

Empowering Community Engagement with a $50,000 $WSM Airdrop

Wall Street Memes is initiating a generous airdrop of $WSM tokens worth $50,000 to foster community engagement. This substantial value will be distributed among five lucky individuals, each receiving around $10,000 in $WSM tokens.

The project has garnered significant interest, with over 77,000 entries collected thus far. To enhance their chances of winning, participants are encouraged to engage across various social media platforms, thereby increasing their likelihood of being selected.

Wall Street Memes presents an opportunity to acquire a promising asset at a favorable price point, coupled with the excitement of potential rewards.

For those interested in joining the Wall Street Memes presale, this is a chance to become a part of a project with substantial growth potential. Investors are urged to act today, embarking on a thrilling journey toward financial success. If you want to purchase $WSM tokens, our comprehensive guide can provide the necessary steps to get started.