Theta Network price made a small hammer pattern ahead of the latest hard fork. It rose to a high of $1.2, which was much higher than this week’s low of $1.11. It has risen by more than 30% from the lowest level in October. TFUEL price has also done well in the past few days.
Theta is going through changes as the developers focus on scaling the platform. The biggest change in the network is the upcoming MetaChain launch scheduled for December 1. Metachain will lead to more scalability by making it possible for developers to use subchains.
Its other features will be that it will have enterprise validators, a global edge network, and web3 video APIs. Theta’s metachain testnet went live in August. Last month. Immersive Enterprise Laboratories became the latest enterprise validator to join the network. The others are Fuse TV and Imagine Replay among others.
Theta Network price will react to the hard fork that will happen on Thursday (November 3rd). This hard fork, the network’s fourth, will set the stage for the metachain launch. The v4.0.0 upgrade will increase the allowed maximum code size for smart contracts. As a result, the network will be able to support more complex smart contracts
Therefore, there is a likelihood that both Theta Network and TFUEL prices will see more activity ahead of the launch.
The four-hour chart shows that the Theta price formed a small hammer pattern in the overnight session. In price action analysis, this pattern is usually a bullish sign. It has risen above the 50-day moving average and the standard pivot point. The Relative Strength Index (RSI) has moved slightly above the neutral point. It is also slightly above the important support level at $1.108.
Therefore, the Theta Network price will likely keep rising as buyers target the next key resistance level at $1.30, R1 of the standard pivot point. A drop below the support at $1.1650 will invalidate the bullish view.
This post was last modified on Nov 03, 2022, 04:46 GMT 04:46