Theta (THETA) Crawling back toward $3.50 Support
Cryptocurrency token Theta (THETA) is up 4.31% today, bringing its price point to $3.15 (THETA/USD). Theta’s rate fell drastically on Sunday, and it has struggled to rebound from its losses all week long. It finally looks like it might be making some progress.
How Theta Is Performing This Week
Theta fell as low as $2.96 on Monday, coming under the crucial $3 level shortly after its decline. That is as low as the price went this week, though, and we don’t expect it to fall that low again anytime soon.
The Theta Network crypto token oscillated between $2.96 and $3.16 this week, acting volatile and having trouble holding on to any gains. Today, it’s price increase is giving the token a positive outlook.
We saw a couple of dips below the $3 level this week, which always worries investors with this particular token. We know Theta hasn’t done terribly well this year so far, despite a positive turn last week. A lot of the progress that Theta gained in April has completely disappeared since Sunday, and it is not looking like Theta is going to turn things around anytime soon.
Theta moved as high as $4.31 at the end of last month, retaining a stellar level for a few days before coming off of that. Many investors are hoping to see a repeat of that kind of action before they sell off their Theta tokens.
Will Theta Move Past $4 again?
That $4 support level is key for Theta at this point, as that is when a lot of investors start to sell their tokens and move on from Theta. We saw the trade volume shoot up for Theta late last month and early this month around the $4 level, whereas right now the trade volume is at $151 million and down 4.45% for the last 24 hours.
Trades are slowing as investors hold off on Theta for the moment. What we may see is movement back up to the $3.50 support level, but that will depend on the movements of the wider market. Theta is dependent on Bitcoin (BTC) and the major cryptos for its momentum right now, as it has had difficulty in generating much of its own. As the wider market moves, so too does Theta, and that’s what investors should be looking at to get an indication of where Theta is headed.
Today, Bitcoin is up 3.18% to $41,054 (BTC/USD), which is the highest we have seen this crypto go since it fell on Sunday, just like Theta did. We don’t; expect Theta to move past $4 unless there is major movement from Bitcoin and other significant crypto players.
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