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Theta (THETA/USD) Challenged at 8.0 - Buy a Retreat to Support at 6.54

Theta (THETA) Dives 7.15%, but Will It Stay Above $3?

Posted Friday, April 22, 2022 by
Timothy St. John • 2 min read

The Theta Network token THETA has dropped down to $3.13 (THETA/USD) with a 7.15% decrease over the last 24 hours. This puts it in dangerous territory, next to the $3 level where it will start to lose clout with investors who have been watching this volatile crypto closely.


Theta’s Recent Performance Is Unsteady

The way Theta has been moving lately is mostly a product of an unstable market, with Bitcoin (BTC) suffering a lot of the same increases and decreases. Theta is being driven by Bitcoin and the larger market’s movements, riding both their highs and lows.

When Bitcoin dropped Sunday, it fell about 3.7%. Theta experienced a similar action, though it fell by about 9% during the same period. Today, Theta’s drop of 7.15% more closely mirrors Bitcoin’s 6.34% drop down to $39,429 (BTC/USD).

It’s obvious that Theta is at the whim of the major crypto players, but it has the potential to move much further and experience greater gains and losses than Bitcoin. There is some investment opportunity there, if someone is watching both of these tokens closely.

Theta doesn’t just follow Bitcoin in losses. Looking at its recent gains, we see that Theta jumped 9% in one day and 13% over two days early this week, after Sunday’s fall. It rebounded nicely and managed to pull higher than where it started before the drop, giving Theta token holders some great returns on their investments. During the same two-day stretch, Bitcoin was gaining 7.21%. Obviously, Theta was pulled by Bitcoin in a bearish trend, but it outpaced the larger coin in gains, actually making Theta the better investment during that time.

What to Expect from the Theta Network

There are no significant developments happening with the Theta coin at this time that are going to give it its own momentum. Instead, investors should be watching Bitcoin to see where Theta is heading. Theta’s trade volume tends to pick up when Bitcoin’s increases, and you see the prices move in similar trends. If the coin starts to pull up again, expect Theta to pull away from $3 level and push towards $3.50.

Heading into the weekend, there’s potential for the crypto market to fall a bit, and that could pull the Theta rate down below $3. While that’s not a great place for it to be, it will only take Bitcoin improving for Theta to come back on the other side of the $3 level again.

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