Streaming services have become a big part of modern society. Theta Network builds these technologies for the Web 3 space.
The THETA network’s original token has been bullish in recent weeks as a result of on-chain developments and the reversal of sentiment in cryptocurrencies.
according to CoinGecko, THETA increased by 15% in a two-week period along with other altcoins. The network has been revving up development with the new alpha release of EdgeStore, Theta Network’s decentralized storage solution.
Improve Networking
On January 20th post a blogThe development team detailed how this new data store can help the network and the progress of Web3.
The EdgeStore solution will be a decentralized way to store Web3 content. It will run on Theta Edge Nodes that already have the ability to encode and transcode content.
Fear, uncertainty, and doubt in the cryptocurrency market do not stop the network from growing with partnerships.
Trusted Media Brand, a Web3 entertainment company, now it’s a part from Theta Company’s extensive list of Validator Nodes.
The list includes tech industry giants like Samsung, Google, and Sony to name a few. This will accelerate the adoption of Web3 for entertainment services.
$1 Hits – What’s Next For THETA?
As of the time of writing, the token has breached the $1.02 resistance to reach the current price of $1.04. This drive to $1 may have made the bulls tired because they were withdrawn from yesterday’s advance. Now, THETA cows are focused on consolidating their benefits.
If the bulls succeed in consolidating the coin, we could see explosive upward pressure in the next few days. The token, with its high correlation to Bitcoin, will also be subject to the broader crypto market.
$theta gearing up for a monster move pic.twitter.com/5r41SohxkA
– Luke Pryor – High Priest of Bcash (@thelukepryor) January 16, 2023
With BTC also going into consolidation mode, the THETA phase will now depend on whether Bitcoin breaks up or down.
Although the token still has a long way to go to recover its pre-FTX levels, the current sustained momentum will help investors and traders achieve their goals. Analysts also bullish for the future of the token.
Crypto total market cap at $993 billion on the weekend chart | Chart: TradingView.com
For now, investors and traders targeting $1.20 should focus on maintaining steady and slow momentum as the consolidation gives the token some room for short- and medium-term gains.
With Bitcoin price movements also affecting the THETA market, monitoring how BTC moves in the next few weeks should also be a priority.
Featured image by Currency.com