We’re seeing a turnaround for Theta today, as its increased 2.69% over the last 24 hours, which brings this crypto’s price to $6.04 (THETA/USD). Today the crypto has been on the rise, as it has fallen almost continuously since the 15th of this month.

We expected to see a turnaround about this time for the week, but the question now is how far is Theta is going to go? Is this the start of some bullish momentum or does it indicate a blip on the radar for a cryptocurrency that is spiraling downward?

Where Is Theta Headed?

Its performance throughout the day and then tomorrow will indicate where the trend is headed. It could be the start of a bullish, upward trend with at least some legs, possibly pushing Theta past $6.50 by tomorrow and then maybe up to $7.00 before the end of the week. That would be in line with Theta’s performance over the past couple months.

We are considering not just how Theta tends to operate but also economic and cryptocurrency factors. One of the best ways to determine how Theta might react is to pay attention to the higher ranked crypto currencies, particularly Bitcoin (BTC). Today, Bitcoin is up 2.51%, which is about on par with where Theta is now. You can see the correlation there, which is why it’s so important to be watching Bitcoin for indicators of where Theta might be headed.

Ethereum (ETH) is another high ranked crypto to watch when determining the path of mid-tier cryptos like Theta. Ethereum increase 0.90% today, so its movement is not as significant as the other two cryptos, but it is still worth watching.

Theta is also being affected by the Bitcoin mining ban in China, which continues to have repercussions throughout the crypto industry. The possibility of some regulations for cryptocurrencies emanating from the UK or the US in the coming months is also hanging over the market and affecting cryptos like Theta at this time.