After an Uneven Recent Run, Theta (THETA) Is Turning Bullish
Investors have been waiting for a turnaround from Theta, which we predicted could happen very soon. It looks like that upward push is happening now, with Theta up 5.67% for the day and moving past the $5 level to $5.06 (THETA/USD).
We have seen Theta struggling with a $5 mark for a little while now, which is uncharacteristic of this crypto. Theta spent most of last year above $5, which is why we expected it to move back up above that level very quickly.
Why Theta Stayed Low for a While
What has held Theta down below that crucial $5 level for much of the last 30 days is a combination of factors that have created financial chaos in the market near the end of the year. A lot of investors are selling off their stocks and crypto throughout December, trying to make back some money on their investments or get rid of investments that did not pay off for them.
The price of Bitcoin briefly skyrocketed to an all-time high, but then the bubble burst, bringing down the entire crypto market. That huge gain in a short period of time led to tons of sell offs and pulled Theta down with the rest of the market rates.
Additionally, there was an announcement from the US government that there would be no more stimulus checks for the foreseeable future for U.S. citizens to help with COVID-related issues. This meant that a lot of investors pulled back on their spending and sold off their cryptos to help alleviate their financial burdens.
Where Theta May Be Headed
With Theta now back past the $5 mark, we are expecting it to go much higher in the coming weeks, perhaps pushing past $6 before the end of next month. It could be held back by the slow progression of major cryptos like Bitcoin and Ethereum. Ethereum (ETH) hasn’t moved very far in the last 7 days, staying close to $3,760 (ETH/USD) for much of that time. Bitcoin (BTC) has mostly trended downward for the last week, but it has also experienced some very extreme highs and lows. There is a lot of fluctuation with this crypto, which is making the overall market unpredictable.
Theta is heavily influenced by Bitcoin’s trajectory more than anything else, but it has proven to be on a trajectory of its own very recently, moving upward in a way that has a lot of investors feeling positive about this crypto.
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