Theta Network has gathered massive attention from both investors and traders over the past few days, following its impressive performance in the last month. The primary reason behind this substantial price surge is the recent breakout of a strong resistance level near $1.6 and the ongoing development of the network.
Why Theta Token (THETA) price is increasing?
On February 26, 2024, Theta Network posted on X (formerly Twitter) that its highly anticipated Theta EdgeCloud Phase is set to launch in Q2. This announcement stands as another significant reason behind the substantial price surge.
Theta EdgeCloud Phase 1 is coming in Q2! Check out the preview blog on how Theta EdgeCloud is ushering in a new era of AI Computing:https://t.co/kNMYib48RJ
— Theta Network (@Theta_Network) February 26, 2024
Theta EdgeCloud stands out as one of the most advanced decentralized software platforms for edge computing. Its mission is to offer developers, researchers, and enterprises access to unlimited GPU processing power for AI and video tasks at an optimal cost. Powered by the Theta Edge Network, it brings the advantages of cloud computing to a decentralized system.
In response to this significant development by Theta Network, on February 26, 2024, the co-founder and CEO of Theta Network, Mitch Liu, replied to the post stating, “The Cloud’s best features are now decentralized with the power of Theta Edge Network.”
Theta Token (THETA) price prediction
With this major development and the overall bullish market sentiments, Theta Network’s THETA token has witnessed a massive price surge. Currently, THETA is trading near $2, experiencing over 40% upside momentum in the last 24 hours. If we look at the performance of the THETA token over a long period, it has seen a remarkable 63% upside momentum in the last 7 days and over 100% in the last 30 days.
According to expert technical analysis, the THETA token, on a daily time frame, has broken through a strong resistance level near $1.6 and closed above it. Currently, THETA is in a bullish trend, with the potential to revisit its previous resistance level and experience a significant price surge.
Source: TradingView
By examining the historical chart and analyzing the price, it is expected that in the coming days, the THETA token may reach the $4 level. However, before reaching $4, THETA is expected to first hit the $2.6 level, which serves as the next resistance level. Following a breach of the $2.6 level, the token may encounter a major hurdle at $4, a significant resistance level.
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