After Weekend Spike, Theta (THETA) Is Retaining Gains
Theta continues to impress as it is up again today (1.17%), holding at $6.63 (THETA/USD). Its generally bullish trend is still alive after spiking on Friday.
That weekend spike is not always something that cryptos hold onto once Monday rolls around, but Theta is still high after moving from $6.1223 to $6.7597 on Friday. It has fallen since then, but not by much, showing some longevity with this increase that is making analysts wonder if Theta could go even higher from this point.
Theta Benefiting from a Powerful Market
The entire crypto market is strong right now, with Bitcoin up 3.91% and Ethereum up 1.99%. Much of the market has managed to recover after the crash earlier in the year period now, we are seeing a healthy market with an overall bullish trend, though not all cryptos are doing as well as these few.
Theta does not have a lot of impetus on its own, though the Theta Edge network does reward users with Theta coins for original content. This utility has not propelled Theta to where it is now, nor was it responsible for the spike over the weekend. Theta is being bolstered by the health of the rest of the crypto market as investors look for promising cryptocurrencies to put their money into.
Theta’s trade volume is down 3.37% over the last 24 hours, but that’s not a big problem for this digital asset. Its trade volume is still over $221 million in that period, which is really healthy for Theta. If the entire market continues to keep going strong, particularly major cryptos like Bitcoin, Ethereum, and Dogecoin, Theta should continue to flourish, and it may test that $7.00 resistance level very soon.
If nothing else, at least expect Theta to continue to stay around the same level, moving between $6.90 and $6.50 throughout most of this week. Investors should look out for incoming legislation and restrictions from the US government and UK government regarding cryptocurrency. We have been hearing talks about these kinds of restrictions for a while now, and it seems like we may be getting close to a decision on some of those things.
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