Today’s rally in Theta has brought the coin the full attention of the crypto community. After an impressive 50 percent price increase in just 24 hours, many investors are asking themselves: What’s next for Theta?
Theta’s price skyrockets over 50 percent
Theta is currently experiencing a remarkable upswing and is one of the absolute leaders in the crypto market. Within the last 24 hours, the coin recorded an impressive increase in value of 50 percent. Starting from a price of $1.40, Theta catapulted to a high of $2.25. There is currently a slight consolidation taking place and the price has retreated to the $2 mark. However, all indications are that this important mark remains stable and Theta can consolidate its gains.
Today’s price of over $2 marks the coin’s highest value in almost two years. Theta is a veteran in the cryptocurrency world and has been listed on CoinMarketCap since 2018. The coin experienced its big breakthrough in the 2021 bull market when the price rose to an all-time high of almost $14. This was followed by a slow but steady decline in value, reaching its lowest point in October last year when the price was almost completely devalued to below 60 cents. Since then, however, Theta has surprisingly moved back into an uptrend and is experiencing its absolute breakthrough today.
Theta’s market cap has surpassed $2 billion and trading volume has increased fivefold to over $700 million in the last 24 hours. This means that Theta is now one of the top 50 largest cryptocurrencies in the world. If you look at the last month, the price increase corresponds to a doubling of the value.
This could continue for the price of Theta
After Theta’s rally today, there is a lot of speculation about how the rally could continue. Above all, the fact that the price has fallen from a high of $2.20 to currently $2 is unsettling investors. Some analysts suspect an imminent correction due to the pullback. Currently, however, support appears to be holding at $2. If this support is broken, the first really relevant support is at $1.70. If this level is also broken downwards, the $1.50 level will form a solid support zone and support.
However, if the price can hold the $2 mark, there is a chance that the current rally will continue. First, the price would have to overcome the $2.20 mark, where it previously failed. After that, it will be challenging to overcome the $2.70 area. In the last bull market, this area served as an important support zone, which has become resistance after losing it. If Theta manages to overcome this hurdle in the coming days, the price could soon advance towards the resistance levels at $3 and even $4. However, there is still a long way to go before reaching the all-time high of almost $14.
Theta EdgeCloud – So AI is the main catalyst for the current rally?
Theta’s recent rally is largely driven by yesterday’s announcement of Theta EdgeCloud for the second quarter of 2024.
Theta EdgeCloud marks the beginning of a new era in the AI computing landscape by providing developers, researchers and companies of all sizes unlimited access to GPU computing power for any AI or video task. What makes Theta EdgeCloud special is the combination of cloud computing and decentralized system powered by the Theta Edge Network. With nearly 10,000 active edge nodes run by the community, Theta has one of the largest decentralized GPU computing power in the world. The capacity enables advanced AI models such as Stable Diffusion, Llama2 and new text-to-3D models to run on a hybrid cloud-decentralized architecture.
In addition to technological developments, Theta’s price rise was also supported by the general rally in the crypto market. Bitcoin saw a 10 percent increase, reaching above $56,000, while Ethereum gained 6 percent, firming above $3,200. This overall market move, which increased the market capitalization of the entire crypto sector by 8 percent, created a positive environment that further fueled Theta’s price gains.
Following Theta’s recent rally, which catapulted the cryptocurrency to its highest level in nearly two years, many investors’ attention is now turning to other AI coins that could still be poised for a breakout. One of them is Scotty The AI.
This new AI coin could soon follow suit with Theta
This project calls itself the “guardian of the crypto universe”. Scotty The Ai stands out for its combination of blockchain technology and artificial intelligence. The coin of the project is called $SCOTTY. It is currently still available at a reduced price PreSale be acquired. Over $800,000 has already been raised and $SCOTTY currently has a low price of just $0.00605.
Scotty The AI’s core features include Scotty Swap and ScottyChat. On the one hand, this is a platform for fast and secure token swaps, which are kept as cost-efficient as possible using AI, and on the other hand, it is an AI-supported assistant for cryptocurrency advice and market analysis. The tools offer investors real added value and the opportunity to benefit from advanced technological developments. As if all that wasn’t enough, $SCOTTY can also be staked. For this, investors currently receive a very attractive 140 percent annual return on their deposits.
Every trade is risky. No guarantee of winning. All content on our website is for informational purposes only and does not constitute a purchase or sale recommendation. This applies to assets as well as products, services or other investments. The opinions expressed on this site do not constitute investment advice and independent financial advice should be sought whenever possible. This site is free to use, but we may receive commissions from the companies we feature on this site.