- THETA Token price exposed to the support of the 20 EMA on the daily chart
- The press time price of THETA/USDT is $5.93 established on the back of a 1.63% decline in the past 24 hours
- THETA takes pride in announcing the launch of the much-awaited TDROP NFT Liquidity Mining Token
Is THETA Price action validating the Inverse H&S Pattern?
THETA Price accomplished gains worth 78% after reclaiming the support cushion of $3.6 on July 20th. The bullish ‘V’ shaped recovery took a sharp turn as the price was unable to get past the resistance of $6.5. Lack of sufficient buying pressure contributed to the price getting trapped inside the accumulation pit for eight days straight. Nonetheless, the 13% retracement from the overhead resistance of $6.7 gave rise to the price action forming an Inverse H&S pattern on the daily chart.
Presently maintaining support over the 20 EMA on the daily chart, THETA price has kickstarted today’s intraday on a bearish note. The fact that the price trend is determined in holding the support of the 20 EMA suggests a bullish thesis for the upcoming sessions. As price action has extended towards the descending trend line, a breakout will validate the Inverse H&S.
A break above the resistance of $5.9 will lay the ground for a minimum 10% upswing. However, the 50 EMA is repeatedly invalidating the efforts of the bears to head upwards.
An upward trajectory is only plausible under the condition that the price crosses the $6.3 resistance level. The above-mentioned resistance level is bolstered by the 200 EMA. A breach of this zone will confirm the strong prevalence of the bulls. Furthermore, that will enable bulls to aim for a 15% upswing, which is necessary to complete the last leg of the bullish reversal pattern.
On the contrary, the failure of the THETA token to sustain above the support of the 20 EMA will invalidate the bullish thesis. This marks the loss of the $5.5 support level, which comes at the cost of a 7% decline.
THETA to launch T-DROP NFT Liquidity Mining Token
The success of the Mainnet 3.0 has exposed Theta Blockchain towards the path of complete implementation. Theta, as we all know, seeks to become the leading blockchain in the field of media and entertainment.
That can only be achieved until all stakeholders of the Theta ecosystem, which include OTT Platforms, Theta DROP NFT Community, and brand partners are being benefited. As a matter of fact, a number of global video and OTT platforms have started focusing on decentralized streaming and the usage of NFTs as an excellent source of revenue.
In order to support the fully integrated version of decentralized storage, Theta Blockchain has decided to launch a new T-20 Token, T-DROP, on the Theta Blockchain. T-DROP aims to reward NFT liquidity mining, provide decentralized governance through T-DROP staking, and last but not the least, reward validators and guardians.
Incentivizing usage through NFT Liquidity mining is the prime reason behind the creation of the T-DROP. In simpler words, the launch of TDROP will increase the rate of adoption and liquidity of the ThetaDrop NFT Marketplace. With THETA, T-fuel being in existence on the network, this creation of TDROP is an interesting addition to the Theta Blockchain. That being said, The launch of T-DROP is scheduled for Feb 1, 2022.
SUPPORT: $5.5
RESISTANCE: $6.3