What Is Causing Theta (THETA) to Slide toward $5.50?
Theta continues to fall as it drops 3.94% today, coming down to $5.84 (THETA/USD). That’s a bigger slide than Bitcoin (3.40%) and Ethereum (0.72%) over the same 24-hour period.
Theta’s Recent Trends and Performance
Looking at Theta’s performance over the last few days, it has not been very positive, with a bearish trend starting on Friday that experienced a brief reprieve on Saturday before continuing to fall. Over the last seven days, THETA only came up for air above the $6.40 line two very brief times before falling back down again. It has struggled against that particular price point, and it has spent a little time dangerously close to the $5.60 level.
On the upside, trade volume is up considerably. Investors may be looking for a turnaround from Theta and expecting to see the price shoot back up soon after such a bearish line lately. Over the last 24 hours, trade volume for Theta has increased by 37.99%, and that could definitely drive at least a short-lived bullish trend soon.
The overall trend for Theta is somewhat bearish and somewhat mixed. It is moving toward the support zone of $5.00, with the next zone at $3.50 looking like a long shot at this point. The $6.00 resistance level is looking far more promising, and it is likely it will move past that over the next couple days, working up toward the resistance level of $7.50
What Is Keeping Theta Down?
Theta came really close to $7.00 early this month, but it is being held back by a slowing crypto market, with many investors wary of what kind of regulations will be coming down the pipeline soon. Just last month, Theta shot past the $7.00 level and soared surprisingly close to $10.00, but a repeat of that performance would definitely be unexpected at this point. For the current downtrend to experience a reversal, we would need to see Theta push past $7.00.
Theta is also being kept down the by the overall price of the crypto market, with less than stellar performances from Bitcoin, Dogecoin, Ethereum and others. Those cryptos are hurting still from the China ban and the repercussions stemming from that.
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