The price of THETA, the native token of the layer 1 blockchain for decentralized videos, was trading at $2.24 as of 3:30 am EST. THETA has rallied more than 58% over the last 24 hours and 84% over the past week.
Its monthly gains currently stand at 127% as the price appears determined to continue the uptrend.
Theta Network is a company that aims to use blockchain technology to disrupt key industries. Its primary product was an infrastructure network for video and gaming. The platform allows people to share their free space on their PC, Mac, and Linux devices.
The latest move in THETA price comes after the Theta Network announced the launch of EdgeCloud, a platform allowing users to share their idle GPU power for any AI and video task. The platform will be launched on May 1st of this year.
The accompanying move in THETA's price is due to the potential investors see in this technology at a time when interest in the concept of AI has been increasing. For example, Nvidia has become a $2 trillion company as demand for its AI chips surges. Other companies like Super Micro Computer and AMD have also done well.
THETA price uptrend is intact
Theta Network's uptrend appears intact after the price escaped from a rounded bottom chart pattern on Feb. 26. The rally experienced over the last two days also saw THETA surpass the technical target of the governing chart pattern at $2.025. At the time of writing, THETA was exchanging hands at $2.24.
If the current uptrend continues, the price will rise toward today's intra-day high at $2.31 before rising to hit the $2.5 psychological level.
All the moving averages were facing upward, and the RSI was at 89 in the overbought region. This suggested that the buyers were in full control of the market.
THETA/USD daily chart. Source: TradingView
Key levels to watch on the downside are the $1.80 and the $1.50 psychological levels and the rounded pattern's neckline at $1.45. This is where THETA's downside would be capped for a short time.