Does Theta’s (THETA) Volatile Movement Make It Right for Day Traders?

Written by: Timothy St. John • Friday, March 11, 2022 • 2 min read

• Last updated: Friday, March 11, 2022

Theta Eyes 7.352 after Consolidation. Buy at These Two Points

This morning, Theta (THETA) climbed 1.33%, bringing the Theta Network rate to $2.87 (THETA/USD). The price was as high as $2.93 earlier, up from a low of $2.78 yesterday.

THETA/USD

On Wednesday, we saw Theta peak at $3.13 briefly, but it did not hold on to the bullish momentum and fell quickly below the $3 level.

Theta Is Moving Erratically

This minor up and down movement is an improvement from last week’s performance, where Theta was struggling to get above $2.70. It is also a step up from the end of February, where Theta dropped to a startling low $2.33 despite the launch of a new token on the platform (TDrop) and a push for greater relevancy in the crypto market.

Theta has had a tough time this year, mirroring a lot of what Bitcoin and the larger market are doing. It has demonstrated historic lows- where last year it stayed above $4 most of the time, this year has seen Theta fight for purchase under the $3 level over and over again.

Is Theta a Good Investment Right Now?

When a cryptocurrency token moves up and down so much, we often advise day traders a to take a look and consider investing at an hourly pace. They can take advantage of the quick, volatile movements with very active cryptos like Theta. Right now, the trade volume is around $181 million over a 24-hour period. Theta holds the #42 rank in the cryptocurrency market and 0.16% of the overall crypto market investments. That’s a lot of potential for this crypto to move, though it hasn’t demonstrated a strong bullish action this year so far.

Theta may be worth investing in if you can stay on top of its hourly movements. Just today, Theta fluctuated between $2.77 and $2.97. That is an incredible range of motion for this crypto, and it gives investors a lot of potential to make some profitable day trades. Keeping a close eye on where Theta is headed could be valuable for traders hoping to invest in an overlooked token.

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

ABOUT THE AUTHOR See More

Timothy St. John

Financial Writer - European & US Desks

Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.