The THETA cryptocurrency continues its strong performance into Friday, registering double-digit daily gains a day after its blockchain network became accessible via Metamask’s plug-in. At the time of writing, THETA/USD is trading at around $6.91, up by over 14% since the previous session.

The project which aims to empower video streaming using blockchain technology, Theta, leverages the power of decentralization to let users share bandwidth and computing resources to make it more efficient and cost effective. Becoming available on one of the most popular wallets, Metamask, allows it to increase its compatibility with DeFi leader Ethereum going forward, encouraging the development of more dApps and cross-chain applications.

Theta’s token is also being driven higher after its developers announced the upcoming launch of TDROP slated for next February. The TDROP is a TNT-20 token that can be used to incentivize purchases on the ThetaDrop NFT Marketplace, letting users earn rewards in the token by making purchases and even be used as a governance token on the platform. TDROP is a great way for existing video and OTT streaming platforms as well as the Theta community to generate rewards as well as participate in voting on new developments within ThetaDrop.

In addition, Theta is also being benefited by the somewhat bullish mood in the cryptocurrency market as traders cheer the activation of the London hard fork on the Ethereum network. This development brings with it several key upgrades to the Ethereum blockchain and sent its price soaring. The strong bullish moves in the second largest crypto by market cap has sent other altcoins also higher and driven up investor interest in digital currencies.

Key Levels to Watch

On the H4 price chart of THETA/USD, moving averages and the MACD indicator are exhibiting a strong bullish bias. Although, the Stochastic and momentum indicators are flashing sell signals as well.

Theta’s price is holding just above the pivot point at $5.93 and it looks like buyers are gearing up to test the first resistance at $6.57 shortly. A break past this level opens the door towards the key $10 mark, but not before traders encounter more resistance at $7.39 and $8.85 levels.