As the Crypto Market Starts Climbing Again, Is Theta (THETA) Looking Bullish? - Forex News by FX Leaders

As the Crypto Market Starts Climbing Again, Is Theta (THETA) Looking Bullish?

Posted Monday, July 18, 2022 by
Timothy St. John • 2 min read

We are seeing a positive trend in the crypto market once more, after several days of decreasing numbers. Bitcoin (BTC) is our barometer for much of the market, and it had been experiencing a bearish trend up until the early hours of the 13th. Since then, Bitcoin has gradually and erratically risen. That upward trend is having a positive effect on much of the rest of the market, including Theta (THETA).

THETA/USD

Theta Going Bullish?

The Theta Network is up 9.01% today, giving it a rate of $1.27 (THETA/USD). Theta’s price has been sharply climbing since yesterday afternoon, and this comes on the heels of several days of mostly positive movement.

That’s a big change from the last time we checked in with Theta, when the rate was down to $1.14 and the coin had gone through a drop of 3.90%. We saw the potential for a short turnaround with this crypto, but our concerns about those gains not being maintained still holds.

At the moment, Theta is definitely bullish, with one of the sharpest upticks we’ve seen for crypto today. Theta’s trade volume is up 82% over the last 24 hours, giving it a trade volume of nearly $77 million in that time. That’s exceptional, but the question is will it really last?

What’s the Next Step for Theta?

This year has been incredibly rough on Theta, as well as a lot of the cryptocurrency market. We’ve seen Theta go from $4.79 at the start of the year to its current rate that’s close to the $1.00 mark. That’s a huge drop over a 7-month period for what was once a very promising cryptocurrency token.

We don’t see any signs that this is going to drastically change, and while we do expect Theta to stay above the $1.00 level, it will likely struggle to do so. In other words, Theta is not a sound investment at the moment. The cryptocurrency market may turn around at some point in the future, but there’s no indication of that right now.

The people who most likely be making profits off of cryptocurrency coins like Theta are those who are doing day trading, staying on top of the rate changes as they happen. There’s very little long term investment potential in Theta at the moment, but it’s refreshing to see the bullish movement this morning.

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