The Theta price has rebounded by more than 2% after it crashed to a low of $6.1428 on Monday morning. The coin is now trading at $6.600, which values it at more than $6.3 billion. It is still about 10% below the highest level during the weekend.
What happened? Theta is a blockchain project that enables developers to build decentralized video projects. Its flagship project is ThetaTV, which is a video platform that is hosted globally.
The network has more than 133k edge nodes and 3,669 edge nodes. The network is also becoming a major player in the non-fungible-token (NFT) space. Last week, the Theta price rose sharply after the developers announced the plans to launch the TDROPs in 2022. It also rose as part of the overall cryptocurrencies.
As you recall, Ethereum managed to rally above $3,000 while Bitcoin soared above $45,000. In total, the market cap of all cryptocurrencies soared to more than $1.77 trillion. So, what next for the Theta prices?
Theta price prediction
In my last week’s Theta price prediction, I wrote that the coin would keep rising as the overall crypto prices rebound. This prediction was correct as the price rebounded to a multi-month high of $7.2833. The coin has moved above the 25-day and 50-day moving averages. It has also formed what looks like an inverse head and shoulders pattern. The new resistance happened after it jumped to the 61.8% retracement level.
Therefore, the coin will likely keep rising as bulls target the next key resistance at $8.700, which is along the 78.6% Fibonacci retracement level. A move below the support at $5 will invalidate this view.