Theta Network price broke through a key resistance. Is it a purchase?

The price of Theta Network (THETA/USD) went parabolic on Friday as demand for the coin surged. It hit a high of $1.6512, the highest level since May 11 this year. It is up more than 75% from its low this year, bringing its total market capitalization to over $1.4 billion.

Why is Theta increasing?

Theta Network is a leading blockchain project seeking to change the online video streaming industry. It changes it by disrupting the way videos are stored and viewed by users around the world.

Are you looking for fast news, tips and market analysis?

Sign up for the Invezz newsletter today.

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

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

Theta Network is also a prominent player in the non-fungible token (NFT) industry. The developers launched Tdrop earlier this year. Tdrop is a blockchain that allows users to create and purchase NFTs in a few simple steps.

The NFT industry has come under intense pressure over the past few weeks as demand for these products declines. Data released this week revealed that the volume of NFTs sold in July was worth around $600 million. This was significantly lower than the $6 billion traded in January.

Meanwhile, Theta recently launched Mainnet 4.0, known as Theta Metachain. The goal is to ensure that companies 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 charges in the platform.

Theta Network Price Prediction

theta network price

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

Theta was supported by the 25-day and 50-day exponential moving averages while the Relative Strength Index (RSI) rose above 75. Hence, the outlook for the coin is still bullish, the next level of key resistance being at $1.80. .

Where to buy now

To invest simply and easily, users need a low-cost broker with a reputation for reliability. The following brokers are highly rated, recognized worldwide and safe to use:

  1. Etoro, trusted by over 13 million users worldwide. Register here >
  2. Capital.com, simple, easy to use and regulated. Register here >

*Investment in crypto-assets is not regulated in some EU countries and the UK. No consumer protection. Your capital is in danger.