After a Great Weekend, Theta (THETA) Is Starting This Week Off with the Bears
Theta seemed to be running with the bulls on Sunday, reaching $7.255 (THETA/USD) before it quickly fell. By morning, the Theta rate had experienced a significant loss, starting off the new work week at $6.54.
Theta has continued to suffer this week, down 4.52% over the last 24 hours, currently sitting at $6.37.
Will Theta Stay Down?
We have to look to the wider market for an answer to the question of whether Theta will move back up over the next few days or continue falling.
Bitcoin (BTC) went through a similar price progression over the last few days. It hit $57,541 (BTC/USD) on Sunday and is down to $56,692 today. There’s nothing wrong with either of these cryptos, nor is there anything of note happening in the wider crypto market. We are simply seeing the weekend hiccup we get every now and then with these cryptocurrencies.
Trading ebbs and flows in market, and that affects the price and trade volume. Theta’s trade volume is down a little bit more than 25% this morning, but we expect it to improve by tomorrow.
It’s worth noting that Theta has been overtaken in the rankings by a few cryptocurrencies. This crypto was #29 not that long ago, and now it’s fallen to #36. This says something about Theta’s continued relevancy, but it says a lot more about the increased relevancy of those crypto that surpassed it. This could hurt Theta in the long run, and investors need to be careful about putting too much confidence in Theta at the moment.
We do expect this crypto to recover over the next few days, perhaps doing something similar to what it did around the weekend last week. From Friday the 19th, Theta started to rise, peaking on Sunday morning and then dropping by Sunday evening. We had started to see some positive momentum on the 17th, but that didn’t last. We may see a similar progression this week as Theta simply goes through its normal cycle, though it’s impossible to predict exactly on which day Theta will start to rise.
Expect Theta to move past the $6.50 level very quickly, testing $7.00 before the weekend.
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