The Theta price is in consolidation mode as some buyers started to take profit after the impressive 545% year-to-date (YTD) rally. Its market cap is more than $12.89 billion, making it the 9th biggest digital currency in the world. It has risen by more than 17% in the past 12 months.
What happened: Theta has been in a strong upward trend recently, becoming one of the top-tens biggest cryptocurrencies in the world. This trend has happened because of the strong demand for its video delivery services. It aims to move from the centralized video delivery services to a decentralized one that is not controlled by anyone. The Theta token is funded by the Theta Network.
The Theta price has also risen because of the popularity of Non-fungible tokens. However, recently, the consolidation of Theta is mostly because of lack of demand from investors as evidenced by the falling Google search and social media mentions.
Theta Price Prediction
The four-hour chart shows that the Theta price has been in a tight range recently. It is trading at $12.95, which is about 14.2% below its all-time high of $15.67. It has also formed a symmetrical triangle pattern that is nearing its peak.
When this happens, it is usually a sign that a breakout is about to happen. If it does, the price could retest the all-time high at $15.67. However, in case of a bearish breakout, the Theta price could break-out lower and retest the important support at $10.2825.