Theta Network (THETA) Continues Plummet Following Rough Week
Timothy St. John • 2 min read
It appeared like things were looking up for the Theta Network (THETA) token for the first couple weeks of August. However, it has fallen steadily over this week and dropped off sharply since Thursday evening. Today’s drop is a precipitous 13.99% to $1.21 (THETA/USD).
Theta’s Drastic Fall
Yesterday, Theta was holding somewhat steady around the $1.40 level after a week of gradual and progressive bearish behavior. From Sunday’s $1.62, the price dropped throughout the week, with no major upshifts. Then around 6 p.m. last night, the THETA rate fell off from $1.38 to $1.26 in a short period.
Theta wasn’t done dropping, though, and a few hours later, the rate dropped again, from $127 to $1.20. This nearly 14% drop has devastated the Theta Network’s price but not its trade volume.
We are actually seeing a spike in trade volume from yesterday, with a jump of 79% over the last 24 hours. The trade volume for this cryptocurrency is now at $66.8 million.
Will Theta Surge Back Up?
It looks like Theta may be headed for a price jump in the next day or so. We could even see the rate shoot back up in a few hours, if the investment continues to increase. Theta’s price is at a low we have not seen from it since late last month. Since Theta has done mostly well in August, it is reasonable to assume it will surge again back up near the $1.40 level very soon.
That may be what investors are counting on, as they see where Theta has been over the past month and how far it has come from the days when it hung quite near the $1.00 level.
What do we expect from Theta? This crypto could be helped by a relatively strong crypto market, healthy stock trading, improved inflation rate, and a healing global economy.
We do expect Theta to move back up to $1.40 soon, and we don’t think this recent drop will hold for very long. Theta could be a good short-term investment right now, but there is no guarantee it will surge back up, so keep that in mind as you trade.