Up or down? Theta (THETA) price prediction for November

Written by: Stanko Iliev
November 9, 2020
  • If the price jumps again above $0.70 the next target could be located at $0.80 or even $0.90
  • If the price falls below $0.60 it would be a “sell” signal and we have the open way to $0.50
  • Theta could improve the video streaming industry in its current form by making it more efficient

The price of Theta (THETA) has been moving in an uptrend last several months and for now, there is no signal of the trend reversal. There is still a level of uncertainty surrounding the Theta project but if the price jumps again above $0.70 the next target could be located at $0.80 or even $0.90.

Fundamental analysis: Theta could improve the video streaming industry

Theta (THETA) price has advanced from $0.10 above $0.79 in less than six months and the current price stands around $0.62. The cryptocurrency market didn’t make any big moves this Monday despite the fact that Pfizer and BioNTech announced that their jointly developed COVID-19 vaccine which is effective in more than 90% of the patients.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Launched in March 2019, Theta is a decentralized peer-to-peer network that can offer improved video delivery at lower costs. Theta could improve the video streaming industry and it is also important to mention that Theta has partnered with Chainlink to fight against online video ad fraud.

Theta has its own cryptocurrency THETA and the project is advised by Steve Chen, co-founder of YouTube. The total supply of THETA is capped at 1 billion tokens and it is distributed among all network participants in various proportions.

A very good team stands behind this project, the fundamentals of this cryptocurrency are steadily improving but there’s still a level of uncertainty surrounding the project. We can also not forget that regulations on the cryptocurrency market can actually be a threat to this cryptocurrency.

Investors in Theta should have in mind that this is a still very risky cryptocurrency but now could be a good time to trade Theta (THETA).

Technical analysis: Bulls are focused on breaking the resistance level at $0.70

Data source: tradingview.com

On this chart, I marked important resistance and support levels. The important support levels are $0.60 and $0.50, $0.70 and $0.80 represent the resistance levels. If the price jumps above $0.70 it would be a signal to buy Theta (THETA) and we have the open way to $0.80.

Rising above $0.80 supports the continuation of the bullish trend and the next price target could be located around at $0.90 or even $1. On the other side, if the price falls below $0.60 it would be a “sell” signal and we have the open way to $0.50.

Summary

Theta (THETA) price has been moving in an uptrend last several months and for now, there is no signal of the trend reversal. The cryptocurrency market didn’t make any big moves this Monday despite the fact that Pfizer and BioNTech announced that their jointly developed COVID-19 vaccine which is effective in more than 90% of the patients. Theta could improve the video streaming industry in its current form by making it more efficient and cost-effective. There are some obvious risks when it comes to investing in Theta currently but if the price jumps again above $0.70 it would be a signal to buy this cryptocurrency and we have the open way to $0.80.