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Ethereum Classic

Theta price prediction before Mainnet 3 launches

Theta price has struggled lately as part of the ongoing weakness in the crypto market. The coin trades at $ 6.877, which is 60% below its high this year. It has a market capitalization of more than $ 6.9 billion and is the 17th largest cryptocurrency project in the world.

Theta news. Theta is a leading blockchain project aiming to revolutionize the video storage industry. Instead of hosting videos in data centers, the goal of the project is for people to save these files in a decentralized format. Like all cryptocurrencies, theta has struggled for the past few days as investors reacted to ongoing crackdown in China. The government has asked all companies in the financial sector to block all accounts that trade the coins.

In the meantime, Theta fans are counting days to the upcoming Theta Mainnet 3 launch. This is a new upgrade that will introduce TFuel staking and uptime mining. This upgrade will also lead to more activity in the non-fungible token (NFT) industry.

In a note, the developers said they expect NFT interactions with Theta Smart Contracts to reach 600,000 transactions per day. This means that around 250 million tFuel are burned every year. Therefore, while the overall outlook for theta is bearish, we could see a strong rebound as we near the launch of Mainnet 3.

Theta price analysis

The daily chart shows that the theta price has struggled for the past few months. This has led to it falling from the previous annual high of $ 16.60 to currently $ 6.8. The coin has also managed to move below the 25-day and 50-day exponential moving averages (EMA).

It also fell below $ 7.34, which was the neckline of the double-top pattern. Hence, I suspect the price will continue to rise as the bears target the next major support at $ 3.78, the lowest level on March 19th. However, a move above the resistance at USD 10 will invalidate the bullish view.

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Theta diagram

Theta price

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