- Theta Network and TFUEL prices jumped sharply on Tuesday.
- This happened after its partnership with Immersive Enterprise Laboratories.
Theta Network and Theta Fuel prices rose sharply on Tuesday as the market focused on the upcoming Metachain launch. THETA rose to $1.10, which was the highest level since October 6 of this year. TFUEL price rose to $0.0556, which was the highest point since September 29.
Theta Metachain launch ahead
Theta is one of the biggest blockchain projects in the world. It is a platform that seeks to change the video-streaming industry by decentralizing it. Anyone can download and install Theta node and provide storage to video streamers.
Theta is also in the Non-Fungible Token (NFT) industry. Earlier this year, the developers launched TDrop, a platform that makes it possible for people to mint and trade NFTs.
Theta Network price rose as the developers continued working in its Metachain project. Metachain, is an interconnected network of blockchains known as chain of chains. Its goal is to allow permissionless horizontal scaling of the Theta blockchain network.
Once implemented in December, Metachain will achieve unlimited transactional throughput and 1-2 seconds block finalization time. It consists of one main chain and unlimited subchains and is EVM-compatible.
Learn more about how to buy Theta.
Theta Network price rose after the developers announced a new partner towards the Metachain launch. Immersive Enterprise Laboratories will create subchains in its ecosystem. It will join other companies like Fuse Media, Replay, and TrooCRA.
IEL is a leading company that focuses on animation and Web3 content. It is made up of experienced tech and art veterans who will deliver next-gen entertainment solutions. In a statement, IEL said:
”We are greatly honored to be a strategic launch partner of Theta’s Mainchain. We are committed to leveraging our workflow and creative acumen to provide the Web3 community with high-quality entertainment and immersive experiences.”
Theta Network price prediction
The four-hour chart shows that the THETA price made a bullish bounce on Tuesday as the path to Metachain got clearer. It rose above the important resistance level at $1.028, which was the highest level since October 19. The coin has moved above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved to the overbought level.
Theta Network will likely continue rising as bulls target the key resistance level at $1.15. A drop below the support at $1.028 will invalidate the bullish view.
