Theta Even after major developments in the network, the price remains within a narrow range. The coin is trading at $ 5.8500, where it has been for the past few weeks. It is still around 66% above its lowest level since July. This trend results in a total market cap of more than $ 5.8 billion.
Theta news. The theta ecosystem has been relatively busy lately. At the end of January, Theta Labs released Mainnet 3.0, which helped transition from Theta Edge Node to Elite Edge Node. This node helped introduce staking into the network.
And this week, developers announced plans for TDROP to launch in February 2022. According to the TDROP whitepaper, NFT liquidity mining, on-chain governance and more TFUEl burning will be introduced. The more NFTs that are processed on the theta blockchain, the more TFUEl are burned, which leads to less circulation.
The TDROP platform offers other advantages. Existing video and OTT streaming platforms as well as the community and developers benefit from this. On the one hand, validators are rewarded over a period of 18 months. The platform will also benefit the ThetaDrop community, live experience and event organizers, and the ThetaSwap community.
TDROP will have a firm offer of 20 billion tokens. 20% of these tokens are reserved for the development team, while 10% are used for marketing. 30% is earned from NFT liquidity mining, while the remaining 40% is used for staking rewards and theta validators.
Theta price prediction
The four-hour chart shows that theta fell to $ 3.45 in July. It then rebounded about 102% to hit a high of $ 7. The price has come down and is trading at $ 5,8500. It has also formed an ascending channel, shown in purple. It is also along the 25- and 50-day moving averages and slightly below the 38.2% Fibonacci retracement level. In addition, it has also formed a small ascending channel and is currently slightly above the bottom line.
Hence, I suspect the pair will rebound to the upper side of the channel, which is at $ 6.40. However, a break below the USD 5.5 support will invalidate the bullish view.