Key Takeaways:
- THETA rallied 24% in a day.
- Its explosion came after the announcement of Replay platform launch, and a new NFT deal.
YEREVAN (CoinChapter.com) – Theta Network’s native token of the same name rallied 24% since Feb. 10, bringing the weekly gains to a considerable 45.8%.
Moreover, it traded at $4.17 in the Asian-Pacific session. That promised more gains to its hardcore bulls.
In detail, THETA bounced off its 20-day exponential moving average (EMA-20; blue wave) on Feb. 10. Moreover, the token conquered the EMA-50 (red wave), retesting it as support on Feb. 11. Additionally, it will likely face a support-turned-resistance line at $4.60.
If the cryptocurrency breaks above the resistance, its traders might have enough bullish momentum to push the token to before-January highs at $5.50.
Furthermore, the weekly chart confirms the bullish outlook.
THETA weekly chart
On its weekly chart, THETA formed a bullish setup, dubbed the “Falling Wedge.” The technical pattern entails two down-sloped converging trendlines that take the price lower while reducing the swing. THETA has been trading in the formation since its explosive 420% rally in March 2021 and retested the support on Christmas.
Additionally, THETA has seen three weeks of growth and could attempt a continuation up to the resistance trendline. If so, it might stand at $5.20, a 22% upside move from the current value.
Also read: Bank of America says that bitcoin market shares increased correlation with other risk assets.
Theta Network partnerships
Theta Network’s latest partnership with the iconic “The Price Is Right” game show and the launch of Replay Platform fuelled the rally.
The decentralized video streaming blockchain launched its Replay protocol on Feb. 10. Mitch Liu, the CEO, tweeted the news and commented that Replay offers a “transformative product in the video space.”
In detail, Replay launched a Web3 content payment and tracking protocol. Theta Network funded the project and provided its decentralized video infrastructure.
Also read: Music NFTs to revolutionize the music industry in 2022.
Moreover, the network also struck an NFT deal with Fremantle, a global television company. The latter will mint an NFT collection dedicated to the iconic “The price is right” gameshow’s 50th anniversary. The NFTs will feature some of the most well-known games, including Plinko, Cliff Hangers, and Punch-A-Bunch.
Theta’s low-cost, green NFT platform stood out as the best choice, and their previous sold-out NFT drops with some of the most well-known brands and artists reassured us that it was the right home for our legendary series
commented Fremantle.
