After a Few Days of Upward Progress, Theta (THETA) Turns below $3.50

Written by: Timothy St. John • Tuesday, February 8, 2022 • 2 min read

• Last updated: Tuesday, February 8, 2022

Cryptocurrency token Theta (THETA) is down once more today, in what is starting to feel like a repeating cycle. It was having trouble getting above the $4 line for a while, and now $3.50 seems to be the new level to beat. Today, Theta is at $3.30 (THETA/USD), which is a drop of 4.91% for the DeFi coin.

THETA/USD

Theta’s Struggles

In what was supposed to be a time of triumph for the Theta platform and its associated cryptocurrency coins, THETA and other Theta Network crypto coins are having a tough time of it.

The platform launched the TDrop (TDROP) token, which is a new cryptocurrency designed to take advantage of the NFT trend. That coin had a rocky start right out the gate, dropping considerably and then shooting back up for a short period. This was supposed to be a big event for the Theta network, pushing the platform to greater prominence and securing its place in the cryptocurrency market, but that is not what has happened.

Even before TDrop launched, both associated cryptos- THETA and TFUEL- were tanking. Theta is seeing some of the worst numbers in its entire run, and many investors are losing hope that the cryptocurrency will ever recover.

TFuel has had an equally rough day, dropping 6.36% down to $0.2066 (TFUEL/USD). This token followed a similar path to THETA, doing well the last couple of days, comparatively speaking, but then falling again today. Overall, TFUEL is down below where it was at this time in December but doing better than its early February numbers.

Will Theta Recover?

Theta has been hit hard, even as a lot of the large market is going through some similar struggles. Bitcoin (BTC) has been on a similar trajectory, up recently after a rough few days last week, so a lot of what Theta is experiencing is a result of that. Still, the fact that the launch of the new TDrop token didn’t do anything for Theta or TFuel does not look good for their short-term future. Expect these Theta platform cryptos to continue to struggle until there is a larger market turnaround.

Theta may continue to flounder around the $3.50 level, having a hard time to move past there, much less $4.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Open a FREE Trading Account

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.