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Theta Network price crossed a key resistance. Is it a buy?

on Aug 5, 2022
  • Theta Network price soared to the highest point since May 11.
  • It has recovered by over 75% from its lowest level this year.
  • The bullish trend will likely continue in the coming weeks.

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Theta Network (THETA/USD) price went parabolic on Friday as demand for the coin jumped. It rose to a high of $1.6512, which was the highest level since May 11th of this year. It has risen by over 75% from its lowest level this year, bringing its total market cap to over $1.4 billion. 

Why is Theta rising?

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Theta Network is a leading blockchain project that seeks to change the online video delivery industry. It is changing it by disrupting how videos are stored and accessed by users globally.

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The concept behind Theta is relatively simple. Instead of storing videos in centralised servers, the network allows ordinary people to share their free bandwidth and then earn rewards depending on their storage capacity.

Theta does not seek to disrupt companies like YouTube and Vimeo. Instead, it aims to change how these firms store their data. In fact, Google is one of the platform’s enterprise node operators. Others are Binance, Sony, and Sierra Ventures among others.

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Theta Network is also a leading player in the Non-Fungible Token (NFT) industry. The developers launched Tdrop earlier this year. Tdrop is a blockchain that enables users to mint and buy NFTs through a few simple steps.

The NFT industry has come under intense pressure in the past few weeks as demand for these products slip. Data published by this week revealed that the volume of NFTs sold in July were worth about $600 million. That was substantially lower than the $6 billion that were traded in January.

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Meanwhile, Theta recently launched Mainnet 4.0, which is known as Theta Metachain. The goal is to ensure that businesses in the media and entertainment sectors can develop quality solutions. Theta Network is the native cryptocurrency for the network while Theta Fuel is used to pay gas fees in the platform.

Theta Network price prediction

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theta network price
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The four-hour chart shows that the Theta Network price has been in a strong bullish trend in the past few days. It has managed to move from the year-to-date low of $0.9580 to a high of $1.67. Notably, it crossed the important resistance point at $1.5525, which was the highest point in June.

Theta has been supported by the 25-day and 50-day exponential moving averages while the Relative Strength Index (RSI) has risen to above 75. Therefore, the outlook for the coin is still bullish, with the next key resistance level being at $1.80.

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