The Theta price has struggled lately as part of the ongoing weakness in the crypto market. The coin is trading at $6.877, which is 60% below the highest point this year. It has a market cap of more than $6.9 billion and is the 17th largest cryptocurrency project in the world.
Theta news. Theta is a leading blockchain project that is aiming to disrupt the video storage industry. Instead of hosting videos in data centers, the project’s goal is to have people store these files in a decentralized format. Like all cryptocurrencies, Theta has struggled in the past few days as investors react to the ongoing crackdown in China. The government has asked all companies in the finance industry to block all accounts that are dealing with the coins.
Meanwhile, Theta fans are counting days to the upcoming launch of Theta Mainnet 3. This is a new upgrade that will introduce TFuel Staking and uptime mining. This upgrade will also lead to more activities in the non-fungible tokens (NFT) industry.
In a note, the developers said that they expect that NFT interactions with Theta smart contracts will reach 600,000 transactions per day. This means that about 250 million TFuel will be burned every year. Therefore, while the overall outlook for Theta is bearish, we could see a strong recovery as we head to the Mainnet 3 launch.
Theta price analysis
The daily chart shows that the Theta price has struggled in the past few months. This has seen it drop from the year-to-date high of $16.60 to the current $6.8. The coin has also managed to move below the 25-day and 50-day exponential moving averages (EMA).
It has also dropped below $7.34, which was the neckline of the double-top pattern. Therefore, in my view, I suspect that the price will keep rising as bears target the next key support at $3.78, which was the lowest level on March 19. However, a move above the resistance at $10 will invalidate the bullish view.
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