THETA Breaches $1 Level Courtesy Of Solid On-Chain Developments
Streaming services have become a big part of the modern society. Theta Network is building that kind of tech for the Web 3 space.
The network’s native token THETA has been going bullish in the past few weeks as a result of on-chain developments and the reversal of the sentiment on cryptocurrencies.
According to CoinGecko, THETA rose 15% in the bi-weekly timeframe along with other altcoins. The network has been revving up development with the recent alpha release of EdgeStore, Theta Network’s decentralized storage solution.
Boosting The Network
In their January 20 blog post, the development team detailed how this new way of storing data can help the network and Web3 progress.
The EdgeStore solution would be a decentralized way to store Web3 content. This will run on the Theta Edge Nodes which already has the ability to encode and transcode content.
The fear, uncertainty, and doubt surrounding the cryptocurrency market has not stopped the networks to grow with partnerships.
Trusted Media Brand, a Web3 entertainment firm, is now part of the growing list of Theta’s Enterprise Validator Nodes.
The list includes tech industry giants like Samsung, Google, and Sony to name a few. This would accelerate the adoption of Web3 for entertainment services.
$1 Reached – What’s Next For THETA?
As the time of writing, the token has breached the $1.02 resistance to hit its current price of $1.04. This drive towards $1 might have left the bulls exhausted as they pulled off the advance yesterday. Right now, THETA bulls are focused on consolidating gains.
If the bulls are successful in consolidating the coin, we might see an explosive upward pressure in the next couple of days. The token, with its high correlation with Bitcoin, would also be subject to the broader sway of the crypto market.
$theta gearing up for a monster move pic.twitter.com/5r41SohxkA
— Luke Pryor – High Priest Of Bcash (@thelukepryor) January 16, 2023
With BTC going into consolidation mode as well, THETA’s phase right now would be reliant if Bitcoin breaks upwards or downwards.
Although the token still has a long way to go for it to recover pre-FTX levels, its steady momentum now will surely help investors and traders reach their goals. Analysts are also bullish for the future of the token.
Crypto total market cap at $993 billion on the weekend chart | Chart: TradingView.com
For now, investors and traders targeting $1.20 should focus on keeping the momentum steady and slow as consolidating gives the token some room for short and medium term gains.
With Bitcoin’s price movement also affecting the THETA market, monitoring how BTC moves in the next couple of weeks should also be a priority.
Featured image by Currency.com
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