- The Theta Token price has jumped by over 10% in the past 24 hours.
- It has rallied because of the strong performance of its NFT platform.
The Theta Token price held steady on Tuesday as investors reflected on the growing Tdrop ecosystem. It rose by more than 10% and is trading at $3. Similarly, the Theta Fuel (TFUEL) price has risen by over 8% in the past 24 hours.
THETA rebound explained
Theta is one of the leading blockchain networks in the world. The goal of the network is to change how people stream video globally. By using the technology, Theta is able to solve some of the biggest challenges that many video platforms face.
Some of these problems like slow speeds are incredibly challenging to solve using centralized networks. Contrary to what many people believe, Theta’s goal is not to be a competitor to YouTube and Vimeo. Its goal is to complement them.
Indeed, Google, which owns YouTube is one of the companies that implement the platform’s nodes. Others are Samsung, Sony, and Binance.
Theta has also become a leading player in the non-fungible token (NFT) industry. In February, the developers launched Tdrop, a platform that lets people participate in the NFT industry. Tdrop is built using Theta’s blockchain network and has managed to gain some leading people and companies.
For example, it has partnered with Dionne Warwick, Katy Perry, PartyPoker, and Knights among others. This explains why the Theta Token and Fuel prices have jumped sharply in the past 24 hours.
At the same time, the Theta Token price has risen because of the growing DeFi ecosystem. According to DeFi Llama, the network has 3 apps that have a total value locked of over $213 million, making it bigger than Cardano. The biggest app in the ecosystem is ThetaSwap, which has over $140 million in TVL.
Theta Token price prediction
The daily chart shows that the THETA price has been in a bearish trend in the past few months. Along the way, the coin formed a double-bottom pattern at about $2.28. It has also formed a descending trendline that is shown in blue. It also moved below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved to the neutral level of 50.
Therefore, despite the comeback, there is a likelihood that the coin will resume the bearish trend as bears target the key support at $2.28.
