Theta Network, a decentralized video delivery and edge computing platform, has emerged as the top gainer among the top 100 cryptocurrencies by market capitalization, as it soared 58% in the past 24 hours. The impressive rally came amid a broader recovery in the crypto market, led by Bitcoin, which reclaimed the $56,000 level after a week of volatility.
Theta Network benefits from EdgeCloud launch and market momentum
Theta Network (THETA) is a blockchain-based network that aims to improve the quality and efficiency of video streaming and delivery, by leveraging the unused bandwidth and computing resources of users. Users can earn rewards in the form of Theta tokens for sharing their resources and participating in the network.
Theta Network has been on a growth trajectory since the beginning of the year, as it announced several partnerships and developments, such as integrating with Samsung Smart TVs, launching ThetaSwap, a decentralized exchange for Theta-based tokens, and collaborating with World Poker Tour to launch an NFT marketplace.
However, the main catalyst for the recent surge was the announcement of the upcoming launch of Theta EdgeCloud, a new product that will enable users to run artificial intelligence, machine learning, and other applications on the edge nodes of the Theta Network. The launch is expected to take place in the second quarter of 2024, and will mark a major milestone for the network’s vision of becoming a global leader in edge computing.
The announcement coincided with a positive sentiment in the crypto market, as Bitcoin bounced back from a low of $46,000 on Feb. 23 to above $56,000 on Feb. 27, driven by institutional demand and renewed optimism. The rally also lifted other cryptocurrencies, such as Ethereum, Binance Coin, and Cardano, which posted double-digit gains in the past 24 hours.
Theta Network faces resistance at $2.3 but remains bullish
Theta Network reached a new all-time high of $2.32 on Feb. 27, breaking the previous record of $1.96 set on Jan. 2. The token also entered the top 20 cryptocurrencies by market capitalization, surpassing Monero, EOS, and Tezos. The token’s market cap currently stands at $2.3 billion, according to CoinMarketCap.
However, the token faced some resistance at the $2.3 level, as some traders took profits and the Relative Strength Index (RSI), a technical indicator that measures the momentum of price movements, indicated an overbought condition. The token corrected to $2.1 at the time of writing, but still maintained a strong uptrend.
The token’s price is supported by the 50-day and 200-day exponential moving averages (EMAs), which are currently at $1.17 and $0.99 respectively. The token is also trading above the Fibonacci retracement levels of the recent rally, which indicate the potential support and resistance zones. The next major resistance is at $2.62, which is the 2.618 Fibonacci extension level, while the next major support is at $1.83, which is the 0.5 Fibonacci retracement level.
Theta Network has a bright future ahead
Theta Network has a lot of potential to disrupt the video streaming and edge computing industries, as it offers a decentralized, scalable, and cost-effective solution that benefits both users and content providers. The network has a strong team of advisors and partners, including Samsung, Sony, Google, Binance, and Blockchain Ventures.
The network also has a loyal and growing community of supporters, who are eagerly awaiting the launch of Theta EdgeCloud and other products. The network’s tokenomics are also favorable, as the token has a fixed supply of 1 billion, and 64% of the circulating supply is staked on the network, creating a scarcity effect.
Theta Network is one of the most innovative and promising projects in the crypto space, and has a bright future ahead, as it continues to deliver on its vision and strategy.
