Why Can’t Theta Network (THETA) Hold onto Its Gains?
The cryptocurrency coin Theta Network (THETA) is having difficulty retaining gains recently, as it slips 3.06% today to $1.14 (THETA/USD). This comes just one day after Theta started to rebound from the most recent drop. This is simply the latest in a recent flurry of activity from this crypto that demonstrates some trouble in keeping a strong footing for any length of time.
Theta’s Recent Movements
Theta was doing quite well earlier this month, reaching a 3-month high of $1.69. It held around that level for a few days before gradually dropping down about halfway through the month. From there, the token began a steady decline down to $1.39 before it fell off a cliff.
The Theta token fell as low as $1.10 before it began a slow climb back up, but that didn’t last long either. Just two days ago, Theta fell from $1.13 to $1.08, which is the lowest it has been since the middle of July. A quick rebound took place next, pushing Theta bullish and bringing the THETA rate as high as $1.19. Then it plummeted again, and that brings us to today’s drop.
Theta’s recent troubles are most likely a result of a slowing crypto market, with less spending happening across the market as the month draws to a close.
What Next for Theta Network?
We could be headed for a market turnaround very soon. Because a number of cryptos are seeing low levels right now, that could start some massive market buying very soon. Theta will benefit from a positive shift in the major cryptos, and we could see a bullish market as soon as the start of the new month.
Other factors are working in Theta’s favor, such as an improving dollar, slowing inflation, a healing global economy, and a positive outlook for the Consumer Confidence Index.
All of this could serve to push Theta higher in the coming days and weeks, so it’s likely we won’t see it as close to the $1 level as it is right now.
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