THETA jumps 30% after Theta Network announces Metamask accessibility

THETA jumps 30% after Theta Network announces Metamask accessibility
Image from thetatoken.org

Key Takeaways:

  • Theta now accessible on Metamask
  • In responce to the news, THETA token advances 30 percent

YEREVAN (CoinChapter.com) — Theta video delivery network logged a 30 percent bullish rally and traded at $6.93 ahead of the London session Friday, after peaking at 7.33 earlier in the day. In addition, the Network announced it is now available through the Metamask wallet browser extension and mobile app, which boosted the stagnant price action.

The video delivery network tweeted the news on August 5. The message contained full instructions on how to access the Theta address through the Metamask plug-in, along with plans of the network to strengthen the ties with the Ethereum blockchain.

Theta’s vision for 2021 and beyond includes vastly expanded compatibility with Ethereum, allowing any Ethereum or ETH-compatible application to be ported over and run seamlessly on Theta blockchain with little to no changes.

read the announcement.

For the time being, Metamask will only work to store and transfer TFUEL and TNT-20 tokens. Theta cited technical reasons for not extending the service on the THETA token, noting that it could develop it in the future.

Also read: Theta successfully implements version 3.1.0, but prices failed to rally.

Despite the THETA exclusion, the token gained 30 percent, albeit corrected downward in the next few hours.

THETA daily chart

The video delivery network consolidated for the next five days after complying with Bitcoin’s recovery wave and gaining whapping 90 percent (July 21-25). However, the cryptocurrency’s uptrend prospects looked sour even after the network launched the 3.1.0 version. The Metamask announcement, on the other hand, did the trick.

As a result, there’s a golden cross underway on the daily chart between the 20-day exponential moving average (EMA-20) and the 50-day simple moving average (SMA-50). In detail, the formation occurs when a short-term MA crosses above a long-term MA due to bullish price action.

Theta's 30 percent price jump. Source: THETAUSD on Tradingview.com
Theta’s 30 percent price jump. Source: THETAUSD on Tradingview.com

The golden cross could strengthen the bullish momentum. If the price action slips south, there are several support/resistance lines to cushion the fall. The lines at $6.29 and $5.60 could assist the cryptocurrency in case of a decline. Another support bar stands at $4.10-4.44.

Also read: Theta rallies 14% on patent application approval and Bloomberg feature.

Metamask availability initiated a sharp 30 percent spike on the THETA August 5 daily chart. As a result, the bullish momentum somewhat subsided in the early hours of August 6. However, the upcoming sessions will show if the token will continue the correction or manage another uptrend.

Also read: First ever ETH burned as Ethereum’s milestone hard fork goes live.

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Theta, THETA jumps 30% after Theta Network announces Metamask accessibility

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