- The team at Theta Network has confirmed the launch of Mainnet 3.0 on June 30th
- The upgrade will introduce staking and burning of TFUEL
- Theta Token (THETA) is currently trading above the 200-day moving average that could provide a springboard to more gains in the month of June
The highly anticipated network upgrade of the Theta Network to Mainnet 3.0 is on track towards its June 30th launch. The team at Theta Network (THETA) confirmed that the launch of the third iteration of the mainnet will happen at the end of this month and will include a mechanism for TFUEL staking and burning.
The update by the team was provided through the following tweet.
Theta Mainnet 3.0 and the launch of Elite Edge Nodes and TFUEL staking are now 30 days away! In coming weeks you’ll see a new Edge Node version released w/ updated EN user interface, and TFUEL staking live June 30. Internal testing is ongoing w/100k+ TFUEL stakers running strong pic.twitter.com/D0m1tbhjrH
— Theta Network (@Theta_Network) May 31, 2021
Theta Network Mainnet 3.0 Launch was Initially Set for April 21st
Initially, the launch of Theta Network Mainnet 3.0 was scheduled for April 21st this year. However, the development team at Theta Network, postponed it to June 30th as they wanted to ensure a successful launch of the on-chain upgrade without any hiccups.
THETA Token Sets its Eyes on $8, 200-day MA Providing Adequate Support
With respect to price action, Theta Token (THETA) is currently defending the $7.50 price area as support as it sets its eyes at reclaiming the $8 price level with the new month of June.
A quick glance at the daily THETA/USDT chart below reveals that the token’s 200-day moving average (green) provided solid support during last month’s crypto market meltdown catalyzed by speculation that Tesla had sold its Bitcoin and China reiterating its ban on BTC mining and crypto trading.
Also from the chart, it can be observed that the 100-day (yellow) moving average and 50-day moving (white) average, are now acting as resistance above the $9 price level.
In addition, the daily MACD, RSI and MFI are in oversold territory and pointing towards a trend reversal for Theta Token (THETA) leading up to the launch of Mainnet 3.0 at the end of this month.