Theta Is Falling below $3. When Can We Expect a Turnaround?
Theta (THETA) is down today by .20%, which would not be remarkable if it hadn’t already fallen by more than a dollar over the last few days. Theta is down to $2.98 (THETA/USD) Monday, after reaching $4.01 on Wednesday last week. It has continued to fall from there, though, with a sweeping bearish trend that has crippled confidence in the cryptocurrency once more.
Theta’s Recent Movements
Theta achieved a high mark of $4.29 on the 10th of February, and then it kept close to that rate over the next couple of days. By the 13th, it was on the decline, falling sharply before bouncing back. It hit a low of $3.45 and then quickly worked its way to $4.01. From there, the trend has been completely bearish.
Before Wednesday’s decline started, Theta was pulling in some very positive numbers. In some ways, however, the numbers still look decent. Its trade volume is currently up by about 24%. Theta is seeing a trade volume of more than $271 million and is not moving drastically outside of how the rest of the market is behaving.
Theta is tracking a similar path to Bitcoin (BTC), which is up 1.44% today but coming off of a mostly bearish trend over the last few days. Like Theta, Bitcoin seems to be struggling to pull off a rebound following a downward trend lasting several days.
Where Might Theta Be Headed?
These latest numbers today are actually promising, and they could very well indicate that a turnaround is imminent for the cryptocurrency. Because the downward movement is so minor today (.20%) and less than full percentage point, we could be seeing an end to the bearish trend. If nothing else, this is at least a slowdown in the downward descent. That in itself is promising.
Since the bear trend seems to be slowing considerably, we expect to see some bullish movement either later today or tomorrow and at least a minor turnaround for Theta. It’s very possible that Theta will move back past $3 and test the $3.50 level. Several factors within the market could keep it from moving back up, however, including a poor overall global economy, a slow lifting of coronavirus mandates, and no major positive action from Bitcoin.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals