THETA is up by more than 2% in the last 24 hours and could rally higher ahead of its hardfork tomorrow.
THETA, the native coin of the Theta Network, is outperforming the broader cryptocurrency market at the moment. The coin has added more than 2% in the last 24 hours, making it one of the best performers amongst the top 50 cryptocurrencies by market cap.
The positive performance comes ahead of a major upgrade on the blockchain. The Theta Network team announced a few hours ago that its v4.0.0 hardfork would take place tomorrow, November 3rd.
Theta v4.0.0 hardfork is now expected to happen at 7pm PT, November 3rd. If you’re running a Validator Node, be sure to upgrade your node ahead of time with the GitHub link below! https://t.co/IdD1IzPko0
— Theta Network (@Theta_Network) November 1, 2022
The Theta team previously revealed that the hardfork is for the main chain, which is the existing Theta mainnet. The upcoming hardfork is a prerequisite for the December 1st Metachain launch.
The broader cryptocurrency has been underperforming after a positive start to the week. The total crypto market cap remains above $1 trillion but has lost more than 2% of its value in the last 24 hours.
Bitcoin continues to trade above the $20k psychological level despite losing 1% of its value so far today. Ether is also down by more than 3% in the last 24 hours and is now trading above $1,500.
Key levels to watch
The THETA/USD 4-hour chart is bullish, as Theta has been performing well over the last few days. The technical indicators show that Theta is outperforming the broader crypto market.
THETA/USD Chart By TradingView
The MACD line is within the positive region, indicating that THETA is currently bullish. The 14-day RSI of 58 also shows that THETA could enter the overbought region if it continues with its rally.
At press time, THETA is trading at $1.211 per coin. If the bullish trend continues, THETA could cross the first major resistance level at $1.3988 before the end of the day.
However, the bulls could find it hard to surge past the second major resistance level at $1.6038 in the near term without the support of the broader cryptocurrency market.
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