Here’s Why the Theta Fuel and Theta Network Prices are Soaring

The Theta Network and Theta Fuel prices have held steady in the past two days as investors wait for the upcoming TDROP launch in the coming week. Theta Fuel is trading at $0.1648, which is a 22% gain in the past 24 hours. Similarly, the Theta Network price has risen by 7% in the past 24 hours and is trading at $2.93. The two have a market cap of more than $1 billion and $2.4 billion, respectively.

Theta Network news

At its peak, Theta was one of the top 20 biggest cryptocurrencies in the world. At the time, investors bought the coin because of the overall promise of its video streaming product. It also jumped as the developers became more serious about the NFT industry.

Recently, however, demand for Theta has waned. The coin has crashed by over 82% from its all-time high while its ranking among cryptocurrencies has fallen to 45. The same trend has happened in other cryptocurrencies like Filecoin, EOS, IOTA, and VeChain.

The Theta Fuel and Theta Network price has crawled back in the past few days as investors wait for the TDROP launch that is scheduled on February 1. This means that there are only four days left. Already, the developers have launched the smart contract for the TDROP and the testing is going on. 

Theta price prediction

The daily chart shows that the Theta Network price crashed to a low of $2.27 last weekend as the cryptocurrency sell-off continued. The coin has then risen in the past three straight days and is about 30% above the lowest level this week. It remains below the 25-day and 50-day moving averages and the key resistance level at $3.8245. The Relative Strength Index (RSI) has also pointing upwards. 

Therefore, there is a likelihood that the Theta price will resume its bearish trend as investors sell the fact. Besides, this rebound seems like a dead cat bounce. This view will be invalidated if the price rises above the resistance at $3.8.