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Theta (THETA) Bulls Face Rejection at $1.40 as Network Takes Another Step Towards Decentralization

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Theta (THETA) saw another rejection earlier today as bulls failed short at $1.39 in another unsuccessful attempt to break out of $1.50. The token last traded above this level, albeit briefly, over five weeks ago – the only breach since the token price fell below during the market-wide crash in the first two weeks of May.

Here is a look at the price action and other headlines around the Theta network.

THETA price down 92% from ATH

THETA price printed a steep decline during this period, continuing a descent that started after the token hit a multi-week high of $4.36 early in April. Markedly, latest market data shows the THETA/USD is down more than 92% from its all-time high set in April 2021.

THETA/USD YTD trading chart

The extended dip in the THETA market is a reflection of the entire cryptocurrency sector, with the lead asset, Bitcoin, down 56% since the start of the year at current prices. Overall, it is trading 70.30% below its November peak of $68,790 as per CoinMarketCap.

The picture, at a macro level, is the same in other markets, including stocks where the majority of ‘risk’ assets are seeing less interest from investors. This has been chalked up to an adverse climate dominated by recession fears and rising inflation. Notably, crypto short-sellers have been the biggest beneficiaries of the current market conditions.

The THETA token was last observed (08:30 UTC +3 hours) changing hands at $1.25, having shed 10% in just over a dozen hours.

THETA/USD 7-day trading chart

Though the 7-day chart shows a gradual ascent in the last three days, THETA is still trapped below $1.40, with bears thwarting any upside momentum to breach this level. Bulls face an uphill task staging a breakout and revisiting early May price figures, especially with the prevailing bearish conditions in the market.

Theta and Sony’s Tiki Guy NFTs sell out in less than 30 seconds!

Last month, Sony partnered with the Theta Network to debut 3D NFTs, viewable on Sony’s Spatial Reality Display (SRD). Last Friday, the endeavor became a reality with the successful launch of the Tiki Guy NFTs, 510 of which sold out in less than 30 seconds, according to Mitch Liu, CEO of the network.

Each NFT had a $100 price tag, with the alternative of a combination including the Sony SRD and the Tiki mask for $5,100 for up to ten limited editions. The SRD device was made freely available to holders of the Tiki Guy NFTs with a US shipping address. Sony’s SRD is the electronic giant’s display that allows users to view objects in 3D without the glasses or all the complicated gear associated with the ‘usual’ experiences in virtual reality.

The tech tracks the movement of the eyes and tweaks the display perceived by the user as they move/ tilt their head. This tablet-like device, in effect, enables users to gain the sensation of a solid 3D object, which is the tech exploited for the NFTs launched last week –displayable and manipulable via the SRDs.

Replay launches the 25th validator node on Theta

The Theta Network has taken another step forward as far as decentralization is concerned. Last week, the Theta team announced that Replay, a blockchain-based video tracking, and payments platform, has launched its own node on the Theta network, the 25th overall.

Replay joins the ranks of Google Cloud, Sony Europe, and Samsung in further securing and decentralizing the network. As a leading Theta-built video tracking and payments platform, Replay enables users to interact with the Web3 ecosystem by eliminating the barriers that face content creators in monetization. Its build on a decentralized video delivery network, Theta, allows the creation of digitally-ready streams that are traceable on the blockchain and powered by RPLAY, a TNT-20 token.

CEO and Founder of Replay Krish Arvapally said that the decision to launch a validator node on Theta was inspired by its status as the lead blockchain network for video delivery and entertainment. Notably, Replay’s addition comes as the amount of THETA tokens required for staking to control a validator node was cut down to 200,000 tokens. It is expected more will join the likes of Binance as network validators.

To learn more about Theta, visit our Investing in Theta guide.

Sam is a financial content specialist with a keen interest in the blockchain space. He has worked with several firms and media outlets in the Finance and Cybersecurity fields.

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