Theta price is in a tight range even after major developments in the network. The coin is trading at $5.8500, where it has been in the past few weeks. It is still about 66% above the lowest level since July. This trend brings its total market capitalization to more than $5.8 billion.
Theta news. The Theta ecosystem has been relatively busy recently. In late January, Theta Labs released the Mainnet 3.0, which helped transition the Theta Edge Node to Elite Edge Node. This node helped to introduce staking in the network.
And this week, the developers announced plans to launch TDROP in February 2022. According to the TDROP white paper, it will introduce NFT liquidity mining, on-chain governance, and more TFUEl burning. As more NFTs are transacted on the Theta blockchain, more TFUEl will be burned, leading to a reduced circulation.
There are more benefits for the TDROP platform. It will benefit existing video and OTT streaming platforms and community and developers. For one, validators will be rewarded over an 18-month period. The platform will also benefit the ThetaDrop community, live experience and event organizers, and ThetaSwap community.
TDROP will have a fixed supply of 20 billion tokens. 20% of these tokens will be reserved for the development team while 10% will go towards marketing. 30% will be earned during NFT liquidity mining while the remaining 40% will go towards staking rewards and Theta validators.
Theta price prediction
The four-hour chart shows that Theta declined to $3.45 in July. It then rebounded by about 102% and reached a high of $7. The price has retreated and is trading at $5.8500. It has also formed an ascending channel that is shown in purple. It is also along the 25-day and 50-day moving averages and slightly below the 38.2% Fibonacci retracement level. Additionally, it has also formed a small ascending channel and is currently slightly above the lower line.
Therefore, I suspect that the pair will rebound to the upper side of the channel, which is at $6.40. However, a drop below the support at $5.5 will invalidate the bullish view.
