Theta Token price goes vertical ahead of EdgeCloud launch

Theta Token price has gone parabolic as the crypto bull run moves into high gear. The token has risen for six straight weeks and is sitting at its highest level since April 4th 2022. It has soared by over 507% from its lowest point in 2023.

Theta EdgeCloud launch

The main reason for the ongoing Theta token surge is that cryptocurrencies have been in a strong bull run recently. Bitcoin has soared to an all-time high of $72,000 while the total market cap of all digital coins has moved to over $2.7 trillion. This rally has led to a major comeback of all cryptocurrencies.

Theta Token has also done well after the developers announced the upcoming launch of EdgeCloud platform on May 1st. 

Theta EdgeCloud will be a hybrid cloud computing platform that will leverage thousands of edge CPU and GPU nodes that are available globally. This technology is intended to play an important role in the AI and media and entertainment industries.

In a statement, the developers noted that they will soon introduce the pilot of EdgeCloud for Mobile devices. That launch will make the network available to billions of Android users around the world.

There is a strong demand for high computing tools as we have seen with Render Network, one of the best-performing cryptocurrencies this year. Nvidia and companies like Super Micro Computer have become the most popular stocks in 2024. In a statement, Theta said:

“Theta EdgeCloud when fully launched in 2025 aims to seamlessly integrate high-end GPU capability from cloud providers with billions of mobile and smart devices in addition to desktops and laptops into a unified AI infrastructure layer.”

Theta Token price forecast

THETA chart by TradingView

The weekly chart shows that the THETA token price has been in a strong bullish trend in the past few weeks. It recently jumped above the important resistance point at $1.72, its highest swing in August 2022.

The token is about to form a golden cross, where the 200-week and 50-week moving averages cross each other. It is approaching the 23.6% Fibonacci Retracement level. It has also jumped above the Ichimoku cloud.

Therefore, the outlook for the Theta Token is bullish, with the next point to watch being at $5. This price is about 36% above the current level.

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