Theta (THETA) Dips Even Lower Coming out of the Weekend
Timothy St. John • 2 min read
It is another bad day for the Theta Network (THETA) crypto, as this token has fallen 4.24% for the day so far. That brings the Theta rate down to $0.8419 (THETA/USD). This coin has also dropped down a few ranks recently, coming in at #48 overall, where it held the #40 position for much of last year.
Theta Cannot Break $1.00 Level
For most of 2022, Theta stayed well above the $1.00 mark, but we saw it inch closer and closer throughout the year until it fell below that level. Theta has stayed below $1 since November 10th, after having previously dipped under that mark a few times recently.
Theta is now remaining below that dangerous level, and we are seeing investors shy away from the coin. Investment in Theta has been all over the place the last few months, ranging from a low of $10 million in a 24-hour period to $90 million.
Theta’s current trade volume is at $22 million over the last 24 hours, which is on the low end of this scale for recent months. It looks like investors are tired of waiting for the coin to surge and produce some profits for them.
The Way Forward
Where is Theta headed next? Its trajectory over the last 7 days has been subtly downward. We do not expect a major shift from this coin anytime soon. It has struggled too much in simply trying to stay above the $1.00 and not succeeding, and that is a crucial spot for this coin. We have noticed that once Theta drops below that level in the past, even briefly, investors start to lose faith in it.
Theta offers some value as a video streaming technology, of which the Theta coin is the proprietary currency, but there is not enough interest in that tech side of it to keep the coin afloat right now. We could see this coin drop even further in the near future and create an even lower average level. If that happens, that is going to make it much harder for Theta to get back up alive the $1.00 mark and stay there.