The cryptocurrency market is advancing this Wednesday, Bitcoin has advanced above $36000 resistance, but traders should keep in mind that the risk of another decline is still not over. THETA/USD has weakened from the record highs above $15, registered on 16th April, below $4, and the current price stands around $9.
Fundamental analysis: Theta will increase transaction fees
Theta 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.
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Theta offers higher quality and smoother video streaming while also motivates all stakeholders to participate in video delivery, fully decentralized. Theta has experienced tremendous growth in its user activity this year, and in order to better align value with the transaction volume on its blockchain, a moderate increase of fees on this protocol is necessary.
“Currently, the fees on the Theta network are near zero, and after the proposed increase would still be sufficiently low and cost-effective for smart contracts and Dapps with transaction fees of 0.3 TFUEL for send transactions, 20 TFUEL to deploy a smart contract, and 1 TFUEL to interact with a smart contract,” Theta team had reported last week.
The Theta transaction fee increase will be included in the next protocol update, but even with this increase, the transaction fee increase is still 90% lower than the current fees on Ethereum. Theta (THETA) price has skyrocketed since March 2021 and reached a record high above $15 on 16th April. Since then, the price has collapsed, daily trading volume has weakened, and the risk of further declines is probably not over.
The cryptocurrency market is advancing this Wednesday, but probably it is not the best moment to invest in THETA. There are lots of negative news for the cryptocurrency market recently, and the concerns among traders are that it may take a long time for prices to see any bigger recovery.
Technical analysis: The risk of further declines is probably not over
The cryptocurrency market remains under pressure, the price of THETA can easily back below the $6 support, and probably it is not the best moment to invest in this cryptocurrency.
THETA currently trades around the $9 level, but it would be a strong sell signal if the price falls below $8 support. The next price target could be around $6 or even $5; still, if the price falls jumps above $10, we have the open way to $12.
Theta (THETA) has weakened from the record highs above $15, registered on 16th April, and the risk of further declines is probably not over. According to the latest news, Theta will increase transaction fees, but even with this increase, they are still 90% lower than the current fees on Ethereum.
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