Theta Keeps Dropping and Is Now Testing the $6.50 Level
The Theta token experienced a sharp drop on Tuesday and has yet to recover fully from that. It peaked that day at $9.62 (THETA/USD), then fell almost to $6.0 before bouncing back to $7.45. All of this happened in less than 24 hours, and Theta is still struggling in the aftermath.
It has been fluctuating between $6.5 and $7.0 throughout the week and is currently sitting at $6.44. It appears to be trending upward, pushing towards that $7 resistance level. It’s likely that Theta will pass the $7. level soon, but how much further it will go past that is hard to say. Analysts predict that it will be a while before Theta moves back to the level it enjoyed earlier in the week above the $9.50 mark.
Theta’s Tough Week
Theta is really struggling to maintain its current level, however, as evidenced by its ups and downs this week. It never dropped as far as that $6 level since Tuesday, but its recent activity has shown that it is both volatile and vulnerable. A sharp drop early today could signal that it will be a while before we see Theta anywhere close to $7.50.
The bears seem to have taken charge of Theta now, pulling it down below levels we wouldn’t have expected last week. However, these are the same levels we saw the week before. Theta has actually played between $6.5 and $8.0 over the last month. So, its current price isn’t completely unexpected, but it’s certainly disappointing for investors who thought Theta was on the rise and going to stay that way when the bulls had hold of it last week.
Theta pushed above the $8 level a couple times over the last month, but the meteoric rise that started Sunday and ended Tuesday is proof that Theta has some serious gas in the tank. It definitely has potential as an investment for those who want to stay right on top of it and catch it before it plummets again.
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