Users encountered problems with their THETA wallet balance in the late hours of Friday, but the network remained untouched and the UI glitch was patched. Following the hack panic, the price increased by nearly 4%, while trading volume decreased by 21% in the last 24 hours. The decline in trading volume could indicate the start of a reversal or rangebound price action, as the price is now more than 17% below the ATH. If the price drops, analysts expect a decline below the $10 mark.
According to THETA’s pricing charts and trends, traditionally, there could be a price drop dependent on price trends. The return on THETA’s price in the past is proof that a price rise that begins at the current level could result in a double-digit rally.
THETA’s ROI by year || Source: Messari
Based on the ROI in 2020 and 2019, the return this year is 515 percent. The price of the altcoin has space for vertical rise, and based on the price pattern, the last time such a price action happened was in December 2020, when the price rose by 172 percent from $0.65 to $1.77. Based on such past growth, the current market action is unlikely to be definitive enough to call this the consolidation process.
And if there is a benefit, it can be restricted. If there is a price reversal and it falls below the $10 mark, there could be a cascading sell-off below $7. The weekly returns are currently near 5%, and the recent merger with Cinedigm may have provided the requisite boost, as Cinedigm has now incorporated native TFUEL micropayments. This improvement may have resulted in a price rebound that had been hampered by the 3.0 launch delay. According to the price map, the rebound will not be complete until the price reaches the $13 mark.
THETAUSD and THETABTC price action || Source: Coinlib
According to the Coinlib price map above, Theta’s price is actually more than 20% below the ATH. THETA’s stock rally isn’t over yet. After a pause in price activity following the launch, there is optimism that the rally will continue due to rising market capitalisation and trading volume in top markets on Binance and Huobi. Based on the above metrics, THETA’s price is rallying towards the next ATH, and now could be an excellent moment for retail traders to purchase on spot exchanges.
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