THETA Sinks 25% Overnight After Mainnet Delay: Analysis

THETA sinks 25% overnight, losing a quarter of its value in a dip after the delay of the mainnet launch as we can see in our latest altcoin news today.

After recording a new ATH in 2021, the THETA sinks by 25% in less than a day after news emerged that the project’s mainnet launch was pushed back two months. Theta is a blockchain-based video streaming platform that was preparing for a mainnet 3.0 launch in April. The team announced that it was delaying the mainnet launch until the end of June and a few days later, THETA lost a quarter of its value from .
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43 to $10.73.

The cause of the mainnet delay seemed to have been a late code review and a decision made last second to include an NFT marketplace in the next upgrade. The platform stated:

 “Key partnership opportunities in the NFT space have required us to devote resources to building out the upcoming Theta NFT marketplace in a broader approach, and incorporating some of these foundational elements into Mainnet 3.0 core.”

Given the coin’s miraculous surge in the past three months, it’s maybe not surprising that the token dipped finally. The token recorded 961% growth between January and March 24 with the dollar value rising to $14.4. Forming half of a two-token system, theta’s sister token TFUEL, recorded huge growth in the past three months as well. the TFUEL price surged by 1921% at the start of the year but it had lost a quarter of its value by dipping 25.6% overnight.

Four hours after THETA and TFUEL lost 25% of their values, both bounced back and regained 17% and 20% respectively.

As recently reported, THETA started a strong rally above the $8.00 and the $10.00 resistance levels against the USDT with the price trading above $12.00 and the 100 simple moving average. There’s a key bullish trend line forming with the support near $10 on the 4-hour charts of the pair that could continue higher if it clears the $15.00 and the $15.50 resistance levels in the near-term. After forming a support base above the $6.00 and the $6.50 levels, the THETA price started a sharp increase and broke a few important hurdles close to the $10.00 to move into a solid uptrend outperforming both ETH and BTC.