Theta Fuel and THETA price crawls back ahead of TDROP launch
- Theta and ThetaFuel prices have bounced back in the past few days.
- The bullish comeback is because of the anticipation of the TDROP launch.
Theta and ThetaFuel prices defied gravity on Wednesday as investors remained optimistic about the upcoming Tdrop. ThetaFuel is trading at $0.1987, bringing its seven-day gains to about 6.7%. Similarly, the Theta price has jumped by over 10% in the past 24 hours, bringing its total market capitalization to over $4.3 billion.
Theta makes a comeback
The video industry is a large one as evidenced by the massive success of platforms like YouTube, TikTok, and even Twitch.
However, for video creators, the video industry is extremely expensive, especially when it comes to streaming.
This is the problem that several blockchain platforms like Theta and Livepeer are attempting to solve. They rely on the power of the community to offer video infrastructure services that are better than the existing ones.
Theta does not seek to compete with the likes of YouTube and Vimeo. Instead, its goal is to make the video delivery infrastructure better and cheaper for creators. By integrating Theta into their delivery stack, developers are able to reduce their delivery cost, deepen viewer engagement, and increase revenue.
Theta Blockchain uses a multi-Byzantine Fault Tolerant (BFT) consensus that has a committee of between 20 to 30 enterprise validator nodes. It also has thousands of Guardian Nodes.
Unlike most blockchain networks, Theta has two unique tokens. The main one is known as the Theta Token (THETA) and is the governance token for the protocol. It also has Theta Fuel, which is the operational token for the Theta protocol. TFUEL is used for on-chain activity in the network.
At their peak, Theta and Theta Fuel were some of the most active cryptocurrencies in the world. Indeed, THETA was among the top 20 coins. It then crashed and is now in the top 50.
The Theta and Theta Fuel prices as investors wait for the upcoming TDROP release that happens in less than two weeks. TDROP is the NFT liquidity mining token for the ThetaDrop and will happen on February 1st.
Theta price prediction
Turning to the four-hour chart, we see that the THETA price found a strong support level at about $3.82. It struggled moving below that level several times since July last year. The coin has moved slightly above the 25-day and 50-day moving averages. But it has also formed a descending triangle pattern.
Therefore, there is a likelihood that the price will resume a bearish trend in the near term. This view will be validated if the price moves below the key support at $3.