Crypto:
30349
Bitcoin:
$64.237
% 0.25
BTC Dominance:
%54.0
% 0.22
Market Cap:
$2.34 T
% 1.02
Fear & Greed:
63 / 100
Bitcoin:
$ 64.237
BTC Dominance:
% 54.0
Market Cap:
$2.34 T

Theta Network (THETA) Price Soars 40% as Galaxy Fox Nears Presale Target

Theta Network Theta

Today, the crypto market is experiencing a significant surge, with Bitcoin and Ethereum surpassing $57k and $3.2k respectively for the first time in approximately 2 years. During such bullish market conditions, certain altcoins tend to outperform, and Theta (THETA) is one such example, having surged by 40% in the past 24 hours.

Simultaneously, Galaxy Fox, a new meme coin, is nearing the completion of its presale, with nearly 3 million tokens sold. This project combines popular meme culture with play-to-earn (P2E) features, offering token holders opportunities to earn passive income through staking, P2E gaming, and more.

Theta Developments and Price Analysis Theta Network (THETA) has surged by 40% today and is currently trading around $2, a level not witnessed since early 2022, though still below its all-time high of around $13 set in 2021.

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The recent price surge follows an announcement from the Theta Network Twitter account stating that Theta EdgeCloud Phase 1 is set to launch in Q2 2024. In a blog post, the team provided insights into how Theta EdgeCloud is revolutionizing AI computing, emerging as one of the most advanced decentralized platforms for developers, researchers, and enterprises to access unlimited GPU processing power.

The foundation supporting EdgeCloud’s infrastructure has been under development for several years, with phase 1 expected to launch on May 1, 2024. This significant development appears to be driving investor interest.

Analyzing the THETA/USDT price chart, the token had been trading sideways between $0.8 and $1.4 for months (since November last year). The price faced rejection multiple times at the $1.4 resistance earlier this year. However, Theta finally broke out above this long-term channel today. Typically, when a price breaks out of an extended channel, it enters “discovery mode” to establish a new range.

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The 200-day moving average currently stands around $0.76, serving as a dynamic support level if prices correct from here. While the RSI reached overbought levels above 70 today on the daily chart, it has since cooled off to 42 at the time of writing, indicating potential for further upside.

Leveraging the latest Bitcoin surge, Theta breached the key $1.4 resistance around the Fibonacci 2.618 level, aiming for higher values. This breakout was significant in propelling renewed upside momentum.

What is Theta Network (THETA)?

Theta is a Layer 1 blockchain and decentralized infrastructure catering to video, AI, and entertainment use cases. It comprises two complementary systems – the Theta blockchain itself and the Theta Edge Network.

The proof-of-stake Theta blockchain manages payments, rewards, staking, and smart contracts, while the Edge Network focuses on computing, storing, and transmitting video streams, AI tasks, scientific simulations, financial modeling, and more. THETA is the native token for staking and governance, while TFUEL is used for transactions and smart contracts.

Later in 2024, the next-generation Edge Network called Theta EdgeCloud will launch as the first hybrid cloud platform built on a fully distributed architecture, bringing cloud computing capabilities to the decentralized Theta system.

Galaxy Fox Overview Positioned as a GameFi contender, Galaxy Fox appeals to play-to-earn (P2E) gaming enthusiasts and meme coin enthusiasts alike.

At the heart of the project is an immersive endless runner P2E game, where players earn GFOX tokens by overcoming in-game challenges using exclusive Fox-themed characters and NFT boosters.

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