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Theta Network Price Analysis: THETA Shows Weakness – Can It Touch $0.5?

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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?

Theta Network

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.

Theta Network

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.

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

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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

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