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Theta Network eyes major gains as crypto market bounces

By:
on Feb 5, 2022
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  • THETA has gained by double digits during the past 24 hours.
  • The gains come from an uptrend across the cryptocurrency market.
  • Theta network has also recently been adopted by Resorts World Las Vegas to build an NFT.

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The cryptocurrency market entered the weekend with a bullish flag. Most, if not all, of the top 50 coins are in the green zone, as buyers rush to book profits. THETA/USD, the native token for the Theta Network, has not been spared from this downtrend. The token sits at major double-digit gains secured during the past 24 hours.

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THETA has gained by 14.9% during the past 24 hours to trade at $3.31 at the time of writing.

THETA eyes $4

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The uptrend formed during the past 24 hours has allowed THETA to breakout and push past $3. Before the uptrend, THETA was trading at $2.83, and the gains have allowed it to push not only past $3 but to $3.30.

The next major resistance for this token lies at $3.42, and if buyers continue to offer support, the uptrend could continue to $3.83. However, such highs will depend upon how long the current bullish flag will stand.

The next major target for THETA is at $4. The token was the last trading at this price on January 21, and this could be the next target once the bulls break past $3.83.

A price correction is also looming. If the market retraces towards its previous lows, THETA could drop towards $3.10. If it drops below this point, the downtrend will continue until $2.75. Short-term traders are taking advantage of the volatility to book profits; hence if there is a slight slump in the market, THETA’s downtrend could start.

Theta Network partners with Resorts World Las Vegas

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The developments on Theta Network are in favour of a bullish rally. Theta Network recently announced its NFT partnership with Resorts World Las Vegas. The resort is looking to integrate non-fungible tokens (NFTs) into its services. The NFTs will have offline utility and offer real-world benefits to holders.

The deal is also geared towards boosting the brand of the blockchain network. As part of this partnership, digital advertisements featuring the Theta network will be displayed throughout the casino and nightclub. This might start a bullish trend for Theta in terms of adoption and token value.

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