While uncertainty creeps the wider crypto markets, a dark hose is poised to soar high on the sidelines. Theta protocol is on an uprise fueled by its new upgrades and mainnet 3.0 launch. Theta Price rallied 50% and Theta Fuel has risen 71%. How high will it rise, what’s the next resistance is now being determined.
THETA has been trending upwards since May 19, when it bounced off the channel’s support line. It is currently on the verge of breaking out.
The possibility of a breakout is supported by technical indications. The Stochastic oscillator has crossed to the upside. The RSI has over 50, and the MACD is approaching positive territory. The next resistance area is said to be at $14.50.
Reasons Behind THETA Price Surge!
New Validator Node Operator
The last month’s slump picked up after the announcement of Creative Artists Agency (CAA), a talent and sports agency, had become the network’s new validator node operator.
One-Click Delegated Staking
Theta announced the release of one-click delegated staking for the Theta web wallet a few days ago, which boosted the price even more. This is intriguing since it simplifies the way of earning yield for holders.
Yesterday it gained another boost with the introduction of the upgraded Theta protocol v2.4.0. Following the announcement, TFUEL’s price rose 35% from a low of $0.42 on June 6 to an intraday high of $0.565 on June 7.
THETA’s price rose 26% from a low of $8 to a high of $10.08 previously but has since fallen below $9.20, as traders are wary of holding altcoins due to fears of a bearish Bitcoin outcome.
According to CoinGecko, Theta is currently trading at $8.84 and is ranked #18 in terms of market capitalization.