- Metaverse hailed as the future of the internet
- Theta Network holds the key to Metaverse Development
Welcome to Metaverse—deemed as the next big thing and the future of the internet. The term has created a massive buzz in the mainstream media that even Facebook has rebranded itself to embrace the futuristic notion.
But what is metaverse exactly? It’s a concept that visualizes an online platform where users can virtually interact and communicate with another. Think of something similar to Zoom or Facetime, but instead of seeing them through a screen, you’ll see them. It can be the improved version of Virtual Reality (VR).
The idea came from Neal Stephenson’s 1992 cyberpunk novel called Snow Crash. Based on the book, metaverse is a shared imaginary space available to the public over the worldwide fiber-optics network. This inspired games like Second Life, which became a hit in the early 2000s.
Since then, the blockchain space has been eyeing metaverse for some time now. Just like in cryptocurrency, blockchain allows metaverses to be more decentralized with their transactions.
As metaverses and metaverse-based events continue to soar, Theta poses as the primary tool in powering them across the data ecosystem. Theta’s significant number of concurrent users is an ideal fit for peer-to-peer (P2P) video and information delivery.
The growth of the Theta ecosystem is one that never stops. Over the past years, they have developed technologies that are the backbone of the metaverses being created today. Thus making Theta a critical tool in metaverse development.
Just last month, Theta, together with Decentral games, hosted a metaverse nightclub. They partnered with one of the most famous nightclubs in the world, Amnesia Ibiza from Spain. The virtual music festival featured well-known international DJs like Yves V, Benny Benassi, and Paul Van Dyk.
Upcoming virtual live events can further explore this idea and use P2P distribution. In that way, people can earn TFUEL and have fun at the same time. All these just by attending the party and sharing their bandwidth.
Another thing to mention, Theta has a patented NFT DRM technology that will be incorporated into the ThetaPass ticketing system. This way, people can use NFTs as their custom tickets to get into exclusive virtual live events.
As the end for innovations remains unseen, Theta continues its pursuit of technological development. With this, Theta will be the key to unlocking the full potential of metaverse, the future virtual world.
THETA price analysis: THETA in bearish grip, breaks below $5.2
- THETA price analysis is bearish today as price nears $5.20.
- Strong resistance is found at $6.9.
- Strong support is found at $6.1.
The THETA price analysis for today reveals THETA is on a downward trend. The price broke below $5.5, and THETA/USD pair is trading hands at $6.0 at the time of writing, while the price swang as low as $6.2 today. If the bearish trend continues, then THETA may soon retest the support present at $5.2, which is actually yesterday’s support, followed by the strong support of $5.1.
Bears have been maintaining their momentum for the past three days, and the price has decreased significantly over this time. The chances of recovery are quite low, but some bullish activity has been observed recently; overall, the environment seems to be more feasible for the bears.
THETA/US 1-day price chart: Coin price on a downslope
The 1-day THETA price analysis is on the bearish side, as the price has dropped since the start of the day to the level of 5.3. This has cast a negative effect on the overall THETA/USD pair value. The volatility is also increasing, which is a negative sign for the current future of the cryptocurrency, and the moving average (MA) is at the $6.4 mark above the price level.
The Bollinger bands, a key factor for indication of volatility, are also expanding, which shows the increasing volatility with the upper band at the $8.3 mark and lower band at the $5.5 mark. The average of Bollinger bands is at the $6.9 mark above the price level, a further indication of the bearish trend. The relative strength index (RSI) is in the lower neutral range at index 44.8.
THETA price analysis: Bulls trying to preserve the support of $5.3
The 4-hour THETA price analysis shows that bulls are trying to reverse the bearish momentum by preserving the support fount at $5.1 and seem to be successful in their endeavor. Though the price started sliding down at the start of the day and continued to slip down for few hours, eventually, bulls came to the rescue and are providing enough support to stop the further decline in price, as is evident by the last green candlestick on the hourly charts.
As can be seen on an hourly basis, volatility has also decreased a bit; with the upper Bollinger band at $6.8 and the lower band at the $6.1 mark, the average of Bollinger bands has come out at $6.4 above the price level. Moving average (MA) is also hovering above the price level and is present at the $5.3 mark. The RSI is still in the bearish zone at a score of 42.8 and increasing slowly, indicating the bullish attempt of current hours.
The technical indicators chart for THETA price analysis is also an absolute indication of bearish momentum, as 16 technical indicators are showing a sell signal out of 26 total indicators, and 10 indicators are neutral, leaving no indicators with a buy signal.
The moving averages are also on the selling side as 14 moving averages are showing sell signal, and one moving average is neutral, again leaving zero to show a buy signal. The oscillators, on the other hand, are mostly neutral but clearly indicating their inclination towards the selling side as two oscillators are on the selling side and none on the buying side, whereas nine oscillators are standing neutral.
THETA price analysis: Conclusion
The daily and hourly THETA price analysis shows the cryptocurrency is on the decline as the price has gone down with a loss of 0.15 percent today. Furthermore, bulls are trying to stop the further decline, but there are chances of THETA to remain bearish for the next 24 hours.
Theta price confuses forecasts, as THETA battles key resistance
- Theta price fails to overcome the 200-day simple moving average (SMA) resistance, condemning the altcoin to a mild wedge higher.
- THETA breaks above the April descending trend, creating a new level of support to contain potential weakness.
- The daily Relative Strength Index (RSI) is not overbought, providing room for Theta price to rally if resistance is broken.
Theta price enjoyed an impulsive rally for the first six days after bottoming on July 20, climbing over 100% at the July 26 peak of $7.60. THETA has not recorded a daily close above $7.60 since as the 200-day SMA magnet effect has contained price progress. Until the digital coin can record a daily close above $7.75, it is doomed to further fluctuation along the 200-day SMA or a pullback to the rising 50-day SMA.
Theta price in search of catalyst, despite strong market
At the July 20 low, Theta price recorded an extreme oversold condition on the daily RSI, providing the foundation for the remarkable 100% gain over the next six days. However, THETA has failed to capitalize on the initial momentum and the broad market strength to strike higher prices. As a result, the altcoin has been frustrated by 200-day SMA and the April descending trend line.
A second barrier to improved Theta price action is the robust resistance established by a range of price congestion between $7.10 and $7.75, extending back to the April low of $7.16. THETA attempted to breach the range on August 6, August 16, August 17 and today but could not register a daily close above.
If Theta price does close above $7.75, it should spark a 26% rally to another formidable range of resistance between $9.75 and $10.80, outlined by a large number of highs in May and early June. The range is bolstered by the 50% retracement of the April-July correction at $10.05
THETA/USD daily chart
To conclude, THETA is in search of a catalyst to bust the resistance and clarify the forecasts. Without a daily close above $7.75, speculators should not contemplate allocating capital. With that said, the one redeeming technical point for Theta price is the existence of nearby support that includes the April descending trend line at $6.30 and then the 50-day SMA at $6.02, enhancing confidence if the price congestion is overcome.
Theta Network (THETA) Awarded Patent for Decentralized DRM via NFTs
- Theta Network has received patent approval for its technology to implement decentralized DRM via NFTs
- The technology is aimed at managing rights across multiple domains in the creative industry
- Creators with their content in decentralized video streams can now have control over them
- Theta Network is on track towards releasing Mainnet 3.0
Earlier this week, the team at Theta Network (THETA) announced that the project had received approval for a patent application it had filed with the United States Patent and Trademark Office.
Decentralized Digital Rights Management via NFTs
The patent under application No17/218,245 or ‘THETA-1003’ is for a technology developed by the Theta Network for the implementation of decentralized digital rights management (DRM) using NFTs in a decentralized network.
According to the team at Theta Network, the technology will be beneficial in multiple areas in the creative and entertainment industries such as live performances, concerts and ticketed events where NFTs can be used as proofs of digital ownership.
Furthermore, managing digital rights through Non-fungible tokens (NFTs) will be primarily beneficial for content-right holders who fear their rights will be violated once their content hits decentralized video streaming services. In this case, Theta’s technology uses NFTs to implement decentralized digital rights management without the need for a centralized party. Consequently, the owners of such content can now ‘safely bring their videos, movies, and games to Theta’s decentralized data and video delivery network’.
Theta Network On Track to Launch Mainnet 3.0 on June 30th
Also worth mentioning is that Theta Network is on track towards launching the highly anticipated Mainnet 3.0 that introduces the staking and burning of TFUEL.
According to the team at Theta Labs, Theta Mainnet 3.0 will be launched at block height 10,968,061 at approximately 12 pm to 3 pm Pacific Time, June 30, 2021.
To note is that the mainnet launch will not result in any new tokens or swap of any kind. Therefore, holders of THETA and TFUEL tokens do not need to do anything technical for the mainnet to be activated. All funds will be safe in all Theta Wallets and supported crypto exchanges.