THETA Rallies Ahead of the TDROP Launch Next Week
THETA is recovering from its recent lows, with social activity around the cryptocurrency rising over the past few days.
THETA Adds 10% to its Value in the Last 24 Hours
Theta is a decentralized video delivery network. According to the developers, the network is powered by the users as it operates on a dedicated blockchain. The value proposition of this project is to reduce the costs involved in content delivery by creating a mesh network of shared content.
It was initially launched as an ERC-20 token, but Theta has been running on its mainnet since 2019. THETA, the native coin of the ecosystem, has added more than 10% to its value over the past 24 hours which made it one of the top performers in the market at the moment.
According to the data obtained from Lunar Crash, Theta Network’s social activity volume has increased by more than 40% in the past week.
THETA’s rally comes despite the broader cryptocurrency market slightly retreating over the past 24 hours. The total cryptocurrency market cap has dropped below $1.7 trillion, with Bitcoin trading around $36k again.
The major catalyst behind THETA’s ongoing rally is the TDROP launch expected to take place in five days. The Theta Network team announced a few hours ago that it had updated its Theta Explorer with support for TNT-20 tokens, TNT-721 NFTs, and exact TFUEL token burn amounts for each transaction.
Preparation continues for TDROP launch in just 6 days! Theta Explorer has now been updated with support for TNT-20 tokens, TNT-721 NFTs, and exact TFUEL token burn amounts for each transaction. Search your transactions at https://t.co/k6Fcq3ZAgT to see the new features in action pic.twitter.com/mJYrPQ3oa1
— Theta Network (@Theta_Network) January 26, 2022
TDROP is the NFT liquidity mining token for the Theta ecosystem, and it is designed to work with THETA and TFUEL tokens to incentivize onchain transactions volumes and blockchain security.
THETA’s Technical Indicators are Slowly Improving
The THETA/USD daily chart is still bearish, thanks to the coin’s poor performance in recent weeks. However, the technical indicators are slowly improving as the cryptocurrency performers excellently.
At press time, THETA is trading at $2.9770, below its 50-day moving average of $4.20. The MACD line is below the neutral zone following the recent bearish performance. The RSI of 39 shows that THETA is still in the oversold region.
If the rally continues, THETA could break past the first major resistance level at $3.3 before the end of the day. Unless there is an extended rally, the second major resistance level at $4.02 should cap further upward movement in the short term.