Examining the market over the weekend, this morning it can be seen that the crypto market is still showing weak movements, following Elon Musk's latest tweet about Bitcoin.
Being the focus, Theta was among those exhibiting a positive movement with an increase of over 50% in early June 2021.
This is driven by Theta's newly launched project, 'Mainnet 3.0', which was promised last March.
The latest update on Theta Mainnet 3.0 - TFUEL Burning and Transaction Fee Increase: https: //t.co/s6826RBYVH
- Theta Network (@Theta_Network) June 3, 2021
The main purpose of this project is to introduce ‘utility token’ burning in Theta network i.e. TFUEL, where Elite Edge Nodes will burn at least 25% of each TFUEL payment in the network.
Interesting if you look at the price movement chart for THETA/USDT.
On the THETA/USDT price movement chart, it can be seen that the SBR (support become resistance) zone level around $ 9.5 is being tested after the bullish pattern is displayed.
According to analysts' expectations, if the THETA price movement manages to break the $ 9.5 resistance level, the next target is towards the SBR (support become resistance) zone around $ 11 before making a rise to higher levels.
For a higher rise, the price will head to the $ 13 resistance level and will likely reach the high price level around $ 14.5.
However, if the price continues to decline to a lower price level, the SBR (support become resistance) zone around the $ 8- $ 9 price will be tested and will be the focus of investors to expect a rebound or continue to maintain a bearish trend.
Seeing an increase of over 20% in the last 24 hours, Theta is now ranked 17th on the chart with 24-hour trading volume reaching $ 737,271,172.
