Theta (THETA) may be up 3.49% today, but it’s down for the week, mostly declining since Saturday. Theta was incredibly strong last week, but we questioned how long it could hold on to those gains. This week seems to demonstrate that last week’s highs were only temporary.

Fallen from Grace

Theta peaked at $4.35 (THETA/USD) last week, holding onto its gains for a few days before falling to its current level of $3.54. That is a gain of 2.70% from yesterday, but it’s a long way from where the price point was last week.

Theta had a rough first few months of 2022, but things were starting to look up recently. The rate was climbing steadily from day to day for a while, spurred on by a healthy economy and vibrant crypto market.

Bitcoin has been on the decline since early in the week as well, but it leveled out just recently, while Theta is still struggling to stop declining. This means that Theta is falling independent of Bitcoin, having trouble keeping its own momentum going.

Trade volume for Theta is down 24% today, which appears to mean that investors are holding off to see if it is going to change much. If there is no major panic selloff, Theta can hold onto some of April’s gains and perhaps start moving back toward the $4 level.

Should Theta Investors Worry?

This could be the start of another tough stretch for Theta. There is a risk that Theta will fall below $3.50 and down to the $3 level over the next week or two. A dip below the $3 support level would be incredibly dangerous for Theta, making it very difficult for this crypto to get back up close to $4 again anytime soon.

Investors should watch for any movement below the $3.50 level, as that could indicate a major decline on par with what we saw early in 2022 for this crypto. Any movement toward $3.75 and even the $4 level should be watched closely as well, as Theta could break out, especially if Bitcoin starts to rapidly improve.

Theta does not have a lot of momentum of its own to carry it right now, so it will be dependent on the wider market. Even so, if trade volume picks up, Theta could move past that important $4 level again, bringing in serious profits for investors.