Theta up by 10.95% – Time to Buy THETA?
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- With Double-Digit Gains in 24 hours, Is This the Time to Buy THETA?
- Theta Labs Partners with Sony on NFTs
- Upcoming Metachain Will Be a Game Changer
The price action of BTC controls the general tempo of the crypto market. However, a few outliers appear once every so often, and Theta leads this rank. Theta is experiencing positive price gains at press time as investors buy THETA, its native token.
In this article, we’ll explain the mechanics behind THETA as well as possible factors surrounding the asset’s recent price surge. We’ll also examine the coin’s technicals to see if this is a good time to buy the digital asset.
Theta Labs Partners with Sony on NFTs
THETA is the platform token for Theta Network – a software looking to operate a global network of decentralised video streaming devices. Last month, Theta’s developers, Theta Labs, announced a massive collaboration with Japanese tech conglomerate Sony Electronics to launch non-fungible tokens (NFTs) that can be viewed in mixed reality.
The NFTs will be compatible with Sony’s Spatial Reality Display – a monitor that allows users to perceive things in 3D without the use of conventional 3D accessories. Spatial Reality Display tracks users’ eye movements and adjusts displays as the eyes move, offering a fully immersive 3D experience.
Speaking on the collaboration, Theta Labs co-founder Mitch Liu explained that the collaboration exhibits the potential for NFTs and the metaverse to play a role in optimal 3D visualisation.
Upcoming Metachain Will Be a Game Changer
Another bullish factor for the Theta Network is the upcoming launch of their Theta Metachain. The metachain, announced in April, is expected to work as an interconnected blockchain.
Introducing the next evolution of Theta blockchain – Theta Metachain goes live in Q4 2022. Learn how Theta Metachain is designed to scale to the needs of Web3 businesses in the new whitepaper: https://t.co/5FnRkKgvIp pic.twitter.com/k8L8vpheXX
— Theta Network (@Theta_Network) April 8, 2022
Described as a “chain of chains”, the Metachain will allow for permissionless horizontal scaling of the Theta Network. Theta Labs has said that it will allow the network to achieve unlimited transaction throughput and quick block finalisation.
The Theta Metachain is expected to launch in the year’s fourth quarter. Analysts expect that it would improve the network’s functionality and encourage more investors to buy THETA.
THETA Technical Analysis
THETA currently trades at $1.377. This is a jump of 10.95%, with the digital asset comfortably beating the broader market’s jump of 2.60%.
Thanks to its recent rise, THETA now trades above all of its major moving average (MA) indicators. These range from the 10-day MA of $1.301 to the 200-day MA of $1.243. This is one of the most bullish cases for the coin, giving investors seeking to invest in cryptocurrency reason to buy THETA.
With a positive moving average convergence divergence (MACD), THETA is giving off a buy signal. However, the coin’s relative strength index (RSI) of 68.83 exhibits that it is quickly approaching the overbought level.
A rising RSI is understandable, with investors rushing to buy THETA as the coin is posting double-digit gains. Still, considering its strong technicals, this seems like a good time for investors who want to buy cryptocurrency to invest in the coin.
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