The Theta price is in a strong upward trend as demand for the currency jumped. THETA is up by more than 10% today while Theta Fuel has jumped by more than 13%. The coin has a market cap of more than $9.15 billion making it the 18th largest cryptocurrency project in the world.
What is Theta?
Theta is a fast growing blockchain project that is in the video streaming industry. The goal is to decentralize the video streaming industry by making it relatively cheaper for companies to build and scale their delivery system.
It achieves this by letting people share their free storage and bandwidth for video storage. These people are then paid using Theta, the native token for the platform. At the same time, video viewers are paid by Theta Fuel.
By decentralizing the industry, Theta aims to help deliver high quality videos and also save video companies money since they will not need to build their infrastructure. Theta is relatively similar to other blockchain projects that are decentralizing relatively large industries. These include Filecoin, which is changing the file storage industry, and BitTorrent.
The Theta price is probably rising as investors start counting days for the Theta Mainnet 3.0 that will be launched in the next three weeks. This upgrade will launch the upgraded Elite Edge Nodes and the new TFuel burn. It will also introduce a new 2% to 4% TFuel inflation and a TFuel burning as a balancing force. In most cases, cryptocurrency prices tend to rise ahead of a major upgrade. So, what next for Theta prices?
Theta price technical analysis
The four-hour chart shows that the Theta price has been in a strong upward trend in the past few sessions. The token has jumped by more than 160% from the lowest level in May. It is currently at the 61.8% retracement level and above the 25-day and 50-day exponential moving averages (EMA).
Also, it is between the ascending channel that is shown in black. Therefore, the token will keep rising as bulls target the next key resistance level at $10.5. However, a drop below $8.52 will invalidate this forecast.