- Theta price is hovering above crucial support levels, hinting at a bounce.
- TDROP tokens will be introduced to increase the rate of adoption and liquidity of ThetaDrop NFT.
- A breakdown of the $4.84 support level will invalidate the bullish outlook for THETA.
Theta price is currently teetering around a critical support level. A resurgence of buyers is likely to push the token to retest a stiff resistance level.
Introduction of TDROP tokens
Theta plans to introduce a TNT-20 token known as TDROP, a coin used to incentivize purchases on ThetaDrop NFT Marketplaces. The announcement details that this token will be targeted for launch on February 1, 2022.
Users can “NFT liquidity mine” TDROP tokens in addition to earning them via primary or secondary purchases through either the ThetaDrop NFT Marketplace or a third-party NFT dApp that is built on the NFT marketplace smart contract.
The blog adds,
ThetaDrop users who hold a balance of TDROP will earn VIP benefits including early or exclusive access to NFTs, limited edition packs, unique offline perks and more.
Interestingly, TDROP will serve as a governance token for ThetaDrop and the NFT marketplace. This development will allow holders of this token to participate in voting and create new proposals to be voted on in the future.
Theta price looks to retest critical level
Theta price rallied roughly 95% from July 20 to July 26. This exponential run-up was followed by a consolidation that is currently testing the $5.76 support level. A decisive 6-hour candlestick close above the $6.44 resistance level will indicate the start of an uptrend and propel THETA by 17% to tag the supply barrier at $7.53.
While this outcome is plausible, there is a chance Theta price might drop below the $5.76 level and retest $5.25 before heading higher.
In which case, the climb would represent a 30% ascent to $7.53. A breach of the said resistance barrier will open the path to retest $8.09 and $8.78 in a highly bullish case.
THETA/USDT 6-hour chart
While things look straightforward for Theta price, investors need to watch out for a weakness in buying pressure that leads to an extended consolidation of the $5.25 support level.
However, a breakdown of $4.84 will invalidate the bullish thesis and trigger a retest of the July 23 swing low at $4.49.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.