Theta Network price made a strong bullish breakout as Bitcoin continued its strong rally and after the developers announced the upcoming Theta EdgeCloud. The token surged to a high of $2.19, its highest point since May 2022. It has risen by over 325% from its lowest point in 2023.
Theta EdgeCloud news
Theta Network is a company that aims to use the blockchain technology to disrupt key industries. Its primary product was an infrastructure network for video and gaming. The platform allows people to share their free space in their PC, Mac, and Linux devices.
This feature, which is similar to Filecoin, creates a win-win for the two parties. A person with free space earns Theta Fuel (TFUEL) by just sharing their space while the other party gets it for a cheaper price than using the popular mainstream products.
The developers also launched Theta Drop, an NFT marketplace in 2022. It is unclear how successful the network has been over the years since the NFT industry has struggled lately.
The most important reason why the Theta Network price jumped was the announcement of EdgeCloud, a platform that aims to do what Render Network is doing.
According to the announcement, the developers are creating a platform where users can share their their idle GPU power for any AI and video task. The platform will be launched on May 1st of this year.
Therefore, the THETA token price is soaring because investors see the potential in this technology at a time when the concept of AI is doing well. For example, Nvidia has become a $2 trillion company as demand for its AI chips surge. Other companies like Super Micro Computer and AMD have also done well.
The same trend has happened in the crypto industry where popular AI tokens like Fetch.ai (fet), SingularityNET (AGIX), and AIOZ Network have done well.
Theta Token price forecast
The daily chart shows that the $THETA price has been in a strong uptrend in the past few days. It has jumped for four straight days as its volume soared. The token has crossed the important resistance point at $1.4550, its highest swing in December last year.
Meanwhile, the token has remained above the 50-day Arnaud Legoux Moving Average (ALMA), signaling that bulls are in control. The Relative Strength Index (RSI) and the MACD have all pointed upwards, which is a sign that there is strong momentum.
Therefore, the outlook for Theta Network price is bullish, especially now that Bitcoin has crossed the important resistance at $56,000. If this happens, the next price target to watch will be at $2.5.
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