The cryptocurrency market continues to be under pressure, the price of Bitcoin went below $52000 this Sunday, and the risk of further declines is not over yet. Theta (THETA) is also losing its value; in less than two days, this cryptocurrency price has weakened from $16.6 to $8.96, and the current price stands around $11.40.
Fundamental analysis: Theta was awarded a third U.S. Patent last week
Theta is a decentralized peer-to-peer network that was launched in the 2019 year, and according to Steve Chen, Co-Founder of YouTube, this network could improve the video streaming industry. Theta offers better video delivery at lower costs, and it is important to mention that it was awarded last week with a third U.S. Patent for “Methods and Systems for Peer Discovery in a Decentralized Data Streaming and Delivery Network.”
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“The patented Peer Discovery technology uses advanced algorithms to enhance the robustness and connectivity of the Theta peer-to-peer edge network, resulting in significantly improved video delivery quality. To achieve optimal node peering in a decentralized network, it takes a complex set of decision rules and machine learning to continually match peers that will best deliver video segments in real-time,” Theta reported.
Theta (THETA) liquidity has risen dramatically over the last several weeks, and the price of this cryptocurrency advanced above $16 resistance this April. The cryptocurrency market is losing its value this Sunday, the price of Theta (THETA) can weaken again below the strong support level that stands around $10, and maybe it is not the best moment to buy this cryptocurrency.
Scott Minerd from Guggenheim Partners said that Bitcoin could retest the $30,000 support level, and if this happens, all other cryptocurrencies could be at much lower price levels. UBS bank also warned its clients that buying cryptocurrencies is still a gamble, not an investment.
“With no yield generated, crypto valuation models rely on theoretical future use cases, which cannot be assured,” UBS reported last week.
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Technical analysis: Theta (THETA) continues to be under pressure
Theta (THETA) has extended its correction from the recent highs above $16, but if the price jumps again above $14 resistance, it would be a signal to buy THETA.
The next price target could be around $15 or even $16; still, if the price falls again below $10 support, it would be a strong “sell” signal.
Theta (THETA) price has extended its correction from the record highs, and the risk of further declines is not over yet. Theta (THETA) can weaken again below the strong support level that stands around $10, and maybe it is not the best moment to buy this cryptocurrency.