THETA, the native token of the Theta network, is once again trading above the $1 mark. At the time of writing, THETA was up 12% in the last 24 hours and up 11.72% since the past week as optimism rises for the bulls’ comeback in 2023. Theta Labs has announced the alpha release of Theta EdgeStore, a crucial part of its 2023 roadmap, building on the release of the EdgeStore demo and Theta Video API Edge Ingestors. Theta EdgeStore, a new component of the Theta Edge Node software, is run by tens of thousands of users around the globe and acts as an append-only, content-addressing, decentralized key/value storage network for the permanent web. While Theta Edge Nodes already support decentralized streaming and encoding or transcoding, with the addition of decentralized storage, the Edge Node hopes to offer a complete end-to-end decentralized service for video streaming, as well as any other type of file transfer or streaming. Theta anticipates a wide array of decentralized applications to be built on top of the Theta EdgeStore, such as permanent storage for the digital assets of NFTs like images and videos, among other use cases.
Key Levels
Resistance Levels: $3.50, $2.55, $1.50
Support Levels: $0.98, $0.70, $0.50
THETA/USD Daily ChartFollowing the crypto market rebound, THETA has made a robust comeback, with price action at the end of the week extending the strong rebound. The gains lifted the THETA/USD above the psychological level of $1.0. The current rebound is supported by near-term oscillators, with the RSI moving into overbought territory. If the rally continues, today’s high of $1.1031 around the MA 200 could serve as immediate resistance.
Only a significant breakout above this resistance could rekindle the bullish bias beyond the $1.50 zone. The closing gap between the MAs will be closely monitored in the following sessions. Support levels are at the daily moving average (MA 50) at $0.85, which remains vulnerable to bearish pressure. If these levels are closely violated, there is a chance that the slide will be more severe and reach as low as $0.50.
THETA/USD 4-Hour ChartThe THETA price surged at the close of the week on Saturday, January 21, towards the $1.1031 area, after briefly consolidating below $1.000 to find support close to the $0.9800 low, from which it later recovered. Since then, THETA has bounced back to trade above the $1.0 level.
A breakout to the upside above the $1.1500 high would pave the way for the round figures of $2.0 achieved in May. On the other hand, a new wave of losses could stall close to the $1.00 psychological level before the MA 50. After the latest low at $0.9826, a bearish break may seek scope for a test of the MA 50.
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