Theta Continues Its Downward Spiral
Timothy St. John • 2 min read
Theta may only be down 1.08% today, but it’s continuing a bearish trend that does not seem to be letting up. Yesterday, Theta reached a low for the month of $4.98 (THETA/USD). It came up from there just slightly, rebounding to $5.28 for the day so far.
How Theta Has Performed in September
Theta fell below the $6 resistance line on the 19th and has continued to stay there, off to a rough start for the week. There’s some chance it may bounce back by the weekend, and this could be a good time to buy low and sell high in the near future. Theta has not seen a point this low in about two months, so many analysts are expecting it to come back a little bit and see the bulls grab it for a while sometime soon.
On the 6th of this month, Theta reached an impressive high of $9.39, which mirrored its level from all the way back in June. This was actually the first time since then that it moved past the $8 level, so it’s unlikely that we will see Theta get back to that point anytime soon.
Is Theta Worth Investing in Right Now?
Looking at the trade volume for this token, it’s obvious that Theta is on the decline for now. Trade volume for Theta has dropped over 19% in the last 24 hours, yet it is still seeing a trade volume of more than $350 million.
A couple weeks ago, Theta started helping ONE Championship launch their NFT marketplace. Many analysts expected Theta to perform strongly following that announcement, but that has not actually been the case. While NFTS have taken off recently in the digital asset market, having a huge impact on cryptocurrency movement, Theta dipping it toes into that pool has not managed to move the marker on this token’s price very much.
Another price spike for Theta could come in the next week or so, but it would be considered aberrant behavior for this token to spike back up past the $9 resistance level again so soon.