The cryptocurrency market is losing its value this Thursday, the price of Bitcoin went below $47000, and the risk of further declines is not over yet. Theta THETA/USD also remains under pressure, and in less than three days, this cryptocurrency price has weakened from $8.27 to $6.55, while the current price stands around $6.7.
Fundamental analysis: Theta announced a partnership with ONE ChampionshipTheta is a decentralized peer-to-peer network that was launched in 2019 year, and according to Steve Chen, Co-Founder of YouTube, this network could improve the video streaming industry. Theta offers better video delivery from esports, music, movies to distance learning at lower costs.
Today’s content delivery networks have poor quality with high load time, while Theta offers higher quality, much quicker load time, and smoother video streaming. Theta has lowered the cost of delivering video streams and offers to all developers to build on its network.
Developers can build specialized Dapps for their audience, and it is important to mention that viewers can be rewarded for sharing resources.
Theta’s (THETA) price has skyrocketed since the beginning of August 2021 and reached a price level above $8 on 16th August. Since then, the price has collapsed, daily trading volume has weakened, but the positive news is that Theta announced a partnership with ONE Championship recently.
According to this deal, ONE Championship will launch the first-ever non-fungible token (NFT) that celebrates ONE’s superstar athletes and their most memorable moments on the Theta blockchain platform.
“This partnership paves the way to establish Theta as the de-facto standard for video and media NFTs, as the fastest and greenest blockchain built for media and entertainment. We’re at the beginning of Theta’s hyper-growth and global adoption heading into 2022, and our partnership with ONE and other upcoming brands will accelerate this,” said Mitch Liu, Co-Founder, and CEO of Theta Labs.
There are already many projects on the Theta platform, but the main question among investors is whether the THETA is undervalued at the current price and will it go up in September 2021? Theta could advance again at levels above $8 or even $10; still, if the price of Bitcoin falls below the $45000 support, that will negatively influence the price of this cryptocurrency.
Technical analysis: $6 represents a strong support level
Data source: tradingview.com Theta (THETA) currently trades around $6.7 level, and it would be a strong sell signal if the price falls below $6 support. The next price target could be around $5 or even below; still, if the price jumps above $9, we have the open way to $10.
SummaryTheta announced a partnership with ONE Championship this month, and according to this deal, ONE Championship will launch the first-ever non-fungible token (NFT) on the Theta blockchain platform. Theta has weakened from the recent highs registered in the third trading week of August, and if the price falls below $6 support, the next price target could be around $5.
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