Bear Trend Pulls Theta (THETA) Down, but Could It Turn Around Soon? - Forex News by FX Leaders
Theta (THETA/USD) Set to Go Higher after Retreat to Support

Bear Trend Pulls Theta (THETA) Down, but Could It Turn Around Soon?

Posted Tuesday, July 12, 2022 by
Timothy St. John • 2 min read

As the cryptocurrency market levels out today with mostly flat numbers, Theta (THETA) is falling once more. The Theta network crypto token is on a bear trend, down 3.90% today to a rate of $1.14 (THETA/USD).

THETA/USD

Theta’s Dropping Rates

This coin has been on the decline since Saturday where it peaked at $1.27. The crypto coin has fallen 10% since then, and that’s down even further from its low point last week when we checked in with Theta. Last Tuesday, the token had just dropped once more, and even though it has seen some bullish movement since last week, all of that has been lost and then some by this point.

Theta is trending about even for the month now. It started off at $1.15 and shot up as high as $1.29 on Friday in a promising action, but that did not last. Theta is now down to about the same point it started the month, having made no progress.

How is its outlook for the year so far? Theta began the year at $4.88, which was actually well above where it was a couple weeks earlier, at $3.99. That bullish momentum did not last, though, and you can see the crypto token has fallen considerably since then. It has dropped a whopping 76% since the beginning of the year, never once moving above $4.50 since it fell below that point.

Will the Current Decline Turn Around?

Anyone hoping to see Theta get back to where it was at the beginning of the year is in for disappointment for a long time. There is no indication that Theta will even move above $2 anytime soon. In fact, Theta seems to be on life support right now, as it has been for a while, struggling to even stay above $1.

Theta is often propelled upward by Bitcoin’s movement, but that coin has been on a downturn for a while as well. There is little hope for Theta or the wider crypto market when looking at the global economy, so we don’t expect to see Theta’s fortunes change anytime soon.

We may see a small upturn for Theta sometime this week, but we expect any gains to be wiped out shortly after that. Even though Theta may mange to keep its head above the $1 level, we don’t expect it to do much more than that. It’s treading water for now, and investors should probably steer clear.

 

 

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