Can Theta Network (THETA) Recover from Recent Historic Low?
Last week, cryptocurrency token Theta Network (THETA) fell to one of its lowest ever points, dropping briefly to $0.9307 (THETA/USD). This has hurt the coin so much that it has struggled to make much progress above the $1.00 level since.
The Fateful Fall
Theta has been having a difficult time for a while now, falling from $4.91 at the beginning of the year to its recent price point of close to the $1 line. This has been an even harder fall than its previous drop below that line. Since the coin fell below $1 on the 13th of October, it has recovered back above $1 but not gone any higher than $1.03.
We have been saying for a while that the coin will suffer once it drops below $1, and that has been evident over the last week. The cryptocurrency market is low right now, holding around the same price today as it did yesterday, and that is certainly not helping matters for Theta. Bitcoin (BTC) has seen little movement recently as well, and crypto tokens like Theta rely on Bitcoin for a lot of their movement.
Over the last month, Theta has been mostly bearish, achieving a high point of only $1.15 briefly. It looks to continue its downward movement, though the coin has slowed down over the last week. Its trajectory has been relatively flat for a few days now, deviating little from the $1.00 mark.
Where Do We Expect Theta to Go?
It does not look like Theta is going to do very much for right now, as it is floundering at its current level and making no apparent efforts to move drastically in any direction. The coin has lost some of its volatility, and its trade volume is at about $17.8 million over the last 24 hours. That’s a trade volume increase of about 23% in that time, so it looks like some investors are expecting the coin to take off soon.
We estimate that Theta will do very little over the next week or so, though, as it took a hard hit from the sub-$1.00 price and will likely continue to do so for a while. That drop may scare off investors for now.
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