Theta price explodes 265% as Samsung plans to incorporate Theta.tv in Galaxy smartphones

Theta price explodes 265% as Samsung plans to incorporate Theta.tv in Galaxy smartphones
  • THETA token is one of the best performing coins in May after surging to record highs
  • Tech giant Samsung said it will include Theta.tv streaming platform in its flagship Galaxy S20 smartphone
  • THETA price hit a major resistance near $0.48, before pulling back to $0.43

The price of THETA Token has surged more than 260% in May to hit an all-time high at $0.4782 before retreating to the low $0.40s. The platform has received a major boost after the South Korean tech giant Samsung said it will incorporate Theta.tv streaming platform into its Galaxy S20 smartphones.

Fundamental analysis: Samsung is a big win as the community expects a major platform upgrade

Samsung announced its plan to pre-install the blockchain-based Theta.tv streaming platform into all-new Galaxy S20 smartphones. The South Korean tech giant will be bringing the gaming and esports streaming service to its smartphones in collaboration with Theta.

THETA’s blockchain-powered streaming service will provide Samsung smartphone users with direct access to the gaming and esports content. The platform will be pre-installed on all new Samsung S20 smartphones in the United States. 

In addition to S20, the new update will bring the service to Galaxy S10, S9, Note 10 and Note 9 smartphones as well, which amounts to more than 75 million devices over the world.  

“We believe this commercial product launch is a critical inflection point in the adoption of the Theta Network globally. Our groundbreaking approach to streaming is a perfect fit for Samsung’s worldwide user base. It’s a huge step toward our goal of making Theta a global infrastructure for video content and data delivery,” said Mitch Lou, co-founder and Chief Executive of Theta Labs.

Invezz reported earlier this month that Theta Network joined hands with 10 sites through the recently-launched THETA Live Embed product. 

The Theta community is now looking forward towards a major platform upgrade in the short run, which may be also one of the factors that may justify the recent price gains. The upcoming rollout of “mainnet 2.0,” which allegedly represents a great leap forward in terms of security, functioning, as well as decentralization of the blockchain platform.

“No single group or entity will control the majority of THETA staked,” the Theta team wrote in a blog post, describing the upgrade as a “significant milestone toward Theta’s decentralization”.

The expected launch date of Theta’s Mainnet 2.0 is May 27.

Technical analysis: New record highs hit

The streaming platform’s native token, THETA, has skyrocketed in price over the recent weeks, gaining around 265% since the beginning of May. THETA is now ranked 28th by the market value.

THETA/USD daily chart (TradingView)

As seen in the chart, the price action has extended higher to 161.8% extension, above the previous record highs sitting just above the $0.30 mark, to hit record highs just below $0.48. A pullback to this zone should be seen as an opportunity to buy the dip as THETA looks primed to continue the bullish trend once the correction is over. 

Summary

THETA price has erupted nearly 260% in May so far to hit record highs at $0.4782. The platform is expecting to undergo a major upgrade, while it has also received a major boost after Samsung said it will incorporate Theta.tv streaming platform into its Galaxy S20 smartphones.

By Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to Invezz. His passion has given him first hand experience of trading, while his writing means he understands the market forces and wider regulation.
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