After a Weekend of Downturn, Theta (THETA) Is Struggling under the $4 Level
A week ago, Theta (THETA) was just above the $5 level. It has continued to fall since then, today at $4.95 (THETA/USD). Trade volume is up for crypto (40.25%), with a massive rise over the last 24 hours indicating a lot of sell offs.
For many investors, the writing is on the wall for this digital asset, as they see Theta first struggling under $5 and now having trouble getting above $4.
Historic Lows for Theta
It seemed like Theta was doing really well for a lot of last year, but now it is hanging out at a level that is the lowest we have seen since February last year, before a lot of the market started to skyrocket. Even when the cryptocurrency market crashed multiple times during 2021, Theta almost never spent any time under that crucial $4 mark.
There was a market crash in July of last year, where Theta ended up at $3.66, but only briefly. At that low point, Theta quickly turned around and started its ascent, moving past $6 very quickly. While investors may be hoping for a repeat that kind of action and looking for an opportunity to buy low and then sell high in a couple of weeks, that does not seem to be what is happening here.
Instead, we have seen a very different movement for Theta, as it has gradually dropped down to where it is now. It’s not a sharp crash like what we saw in July last year. Theta and a lot of the market has just been moving downward quite steadily since Bitcoin achieved a new all-time high a couple of months ago.
This overall bearish trend has investors and analysts worried about the future of the cryptocurrency market. On top of that, there is constant talk of new government regulations that could be dramatically affecting cryptocurrency prices, accessibility, and trading in the coming months. Those within the industry are worried about its future.
Where Might Theta Be Headed?
At its current point, Theta is going to have a hard time getting back above $5 anytime soon. Over the last few weeks, we expected Theta to do better, comparing it performance with that of earlier in 2021. However, the entire market has shifted, with most cryptocurrencies struggling at levels lower than they were throughout most of last year.
Investors should realize that it may be difficult for crypto prices to rise very quickly in the near future because of the rather gradual downturn that has brought the market to where it is now. Theta may make a small turn and get back above the $4 level, but at this point, $5 is a long way off.
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