Does Theta’s (THETA) Volatile Movement Make It Right for Day Traders?

This morning, Theta (THETA) climbed 1.33%, bringing the Theta Network rate to $2.87 (THETA/USD). The price was as high as $2.93 earlier, up from a low of $2.78 yesterday.

On Wednesday, we saw Theta peak at $3.13 briefly, but it did not hold on to the bullish momentum and fell quickly below the $3 level.

Theta Is Moving Erratically

This minor up and down movement is an improvement from last week’s performance, where Theta was struggling to get above $2.70. It is also a step up from the end of February, where Theta dropped to a startling low $2.33 despite the launch of a new token on the platform (TDrop) and a push for greater relevancy in the crypto market.

Theta has had a tough time this year, mirroring a lot of what Bitcoin and the larger market are doing. It has demonstrated historic lows- where last year it stayed above $4 most of the time, this year has seen Theta fight for purchase under the $3 level over and over again.

Is Theta a Good Investment Right Now?

When a cryptocurrency token moves up and down so much, we often advise day traders a to take a look and consider investing at an hourly pace. They can take advantage of the quick, volatile movements with very active cryptos like Theta. Right now, the trade volume is around $181 million over a 24-hour period. Theta holds the #42 rank in the cryptocurrency market and 0.16% of the overall crypto market investments. That’s a lot of potential for this crypto to move, though it hasn’t demonstrated a strong bullish action this year so far.

Theta may be worth investing in if you can stay on top of its hourly movements. Just today, Theta fluctuated between $2.77 and $2.97. That is an incredible range of motion for this crypto, and it gives investors a lot of potential to make some profitable day trades. Keeping a close eye on where Theta is headed could be valuable for traders hoping to invest in an overlooked token.

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.

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