Theta (THETA) started off the week near the $6 mark at $5.93 (THETA/USD) on Sunday. It has seen a nearly steady decline since then, hitting $5.5 late Monday and falling below $5 on Tuesday.

The digital token rallied several times this week- first on Tuesday as it neared $5.25. Then, it plummeted down below the $5 level to $4.98. Theta turned around at that point and headed up past $5, then peaked at $5.18 briefly before moving downward again and struggling to keep above the $5 level over the next few days.

How Theta Is Performing Now

Today, Theta is floundering at $4.87- a drop of 2.27% over the last 24 hours. Throughout the week, we have seen Theta rise a little bit then drop even further. If its history is any indication, Theta should start turning around very soon and moving back up toward $5 and $5.50 very soon. Anything under $5 tends to be a critical juncture for Theta, causing a bullish trend, however short lived. The market almost refuses to let Theta stay down that low for long.

The good news is that the market seems to be on the recovery. Bitcoin (BTC) and Theta both shot up today from where they were just a few hours ago. If they can ride that momentum for a while, we could see at least a temporary market turnaround.

Where Theta and the Market Are Headed

Bitcoin has been following the same basic trajectory as Theta, pulling a lot of the market with it. Theta is mostly just responding to what Bitcoin is doing and following suit.

We see this happen all the time, because Bitcoin has such a huge market share (40%) and strongly influences the rest of the market. As Bitcoin moves, so to do most of the other cryptocurrencies, especially smaller ones like Theta that have such a minor market share. While Theta has some of its own momentum, it is more influenced by what Bitcoin is doing than any other factor.

As we look at the market, we can see that basically all the major crypto players are looking bullish at the moment. They look like they are prepared to move upward for a while, which indicates that it is time to buy up tokens quickly before the market moves up further or hold on to those investments and let them earn a little profit before selling.