Theta (THETA/USD) sits at $8.10 the time of this writing. If past performance is much of an indication, it could be preparing for a breakout. After starting out strong this morning, it fell 5.31%, but this could very well be a minor setback as it comes out of a recent downward trend.
Decisive movement is expected, as it nears a meeting between resistance and support. The downward trend for THETA has continued since April 16th, where the coin had achieved a price of $15.88, a record high for the cryptocurrency.
Over the past 24 hours, $302,849,974 USD in Theta coins has been traded, and this is the fifth time that the coin has attempted to break out since the decline started. Many analysts are expecting an all-time high breakout from this coin before it starts to tail off again, indicating a key time to buy.
The Theta protocol ecosystem could very well do great things for this crypto coin. A Mainnet 3.0 launch is supposed to happen on June 30th, and affected assets Theta Fuel (TFUEL) and the THETA token gained 71% and 50% respectively.
Price action for both of these assets has done very well since the end of May.
The THETA coins have reached their maximum circulation, and since June 6, a little over 60% of all available tokens have been tied into the network validation process. It is expected that this limited supply action will prevent a major price reduction, despite the recent correction that occurred around May 19.
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