Theta introduces TDROP to incentivize NFTs as THETA price eyes 30% ascent
- Theta price is hovering above crucial support levels, hinting at a bounce.
- TDROP tokens will be introduced to increase the rate of adoption and liquidity of ThetaDrop NFT.
- A breakdown of the $4.84 support level will invalidate the bullish outlook for THETA.
Theta price is currently teetering around a critical support level. A resurgence of buyers is likely to push the token to retest a stiff resistance level.
Introduction of TDROP tokens
Theta plans to introduce a TNT-20 token known as TDROP, a coin used to incentivize purchases on ThetaDrop NFT Marketplaces. The announcement details that this token will be targeted for launch on February 1, 2022.
Users can “NFT liquidity mine” TDROP tokens in addition to earning them via primary or secondary purchases through either the ThetaDrop NFT Marketplace or a third-party NFT dApp that is built on the NFT marketplace smart contract.
The blog adds,
ThetaDrop users who hold a balance of TDROP will earn VIP benefits including early or exclusive access to NFTs, limited edition packs, unique offline perks and more.
Interestingly, TDROP will serve as a governance token for ThetaDrop and the NFT marketplace. This development will allow holders of this token to participate in voting and create new proposals to be voted on in the future.
Theta price looks to retest critical level
Theta price rallied roughly 95% from July 20 to July 26. This exponential run-up was followed by a consolidation that is currently testing the $5.76 support level. A decisive 6-hour candlestick close above the $6.44 resistance level will indicate the start of an uptrend and propel THETA by 17% to tag the supply barrier at $7.53.
While this outcome is plausible, there is a chance Theta price might drop below the $5.76 level and retest $5.25 before heading higher.
In which case, the climb would represent a 30% ascent to $7.53. A breach of the said resistance barrier will open the path to retest $8.09 and $8.78 in a highly bullish case.
THETA/USDT 6-hour chart
While things look straightforward for Theta price, investors need to watch out for a weakness in buying pressure that leads to an extended consolidation of the $5.25 support level.
However, a breakdown of $4.84 will invalidate the bullish thesis and trigger a retest of the July 23 swing low at $4.49.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
