Theta Tests $7.50 Level, Moves Up 4.7%
Theta started the day off at $6.99 (THETA/USD), but it quickly moved past the $7 resistance level where it has been hovering around all week.
Theta has been steadily climbing the charts, recovering from the July 20th that rippled through the entire cryptocurrency market and moving way past that. On June 19th, Theta was at $4.12. It fell the next day down to $3.58, but then quickly moved back past the $4 mark the next day.
Since then, we’ve seen an increase in the Theta price almost every week. It tends to shoot up around the weekend, with some impressive upward movement on Sunday, July 25th. The drop over the next two days was substantial, so Theta didn’t make any progress by the next weekend. However, with no serious drops the following week, Theta was able to move past the $7 resistance level on Friday, August 6th.
It has continued its upward movement since then, dropping only briefly the next Sunday and Monday, but rebounding nicely Tuesday to meet today’s impressive gains. There is no reason to suspect that Theta will stop moving up over the next week or so. It is a crypto that has proven very strong recently and shown incredible potential for investment.
Where Can Theta Go from Here?
It’s highly likely that the bulls will continue to push Theta past the $8 mark shortly, with continued upward movement possible from there. About two weeks ago, analysts were surprised to see Theta, an altcoin, performing better than the major cryptocurrency players. It had gained 32% then, and just a few days ago, Theta rose 18%. Last week, Theta has risen more than 25%, so investors are very hopeful they will continue to see great things from this altcoin.
Not all of the cryptocurrency market is doing so hot, with some of the major cryptos having trouble even bouncing back from the July 20th dip. A few cryptos like Theta are doing very well, though, steadily working their way back to the March and April highs before the market crash. Still, Theta has a long way to go to reach its all-time high from early in the year of $15.72.
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