For several days, the Theta Network (THETA) crypto has been down, having dropped from $1.38 (THETA/USD) to $1.21 on Thursday last week. This crypto has stayed low since, then hovering near the $1.20 level. Today, the Theta rate is at $1.22 and is up 2.30% for the day so far.
THETA/USD
How Theta Has Fallen
Theta was doing fairly well not that long ago, shooting above $1.60 in the early days of August. It is only recently that this crypto has dropped well below that level to rates we haven’t seen since late last month.
Theta seemed to be going through a bullish period that could indicate a lengthy positive movement, and it looked like the wider crypto market had finally turned around. We were seeing a number of cryptos post some of the best numbers they had seen in months, with many posting their highs for the year in early August.
What happened since then has been a minor market implosion. We are not currently seeing precipitous drops from most cryptocurrency tokens. Instead, many of them are reverting to where they were before the bullish trend but not necessarily lower than that. This is where we find Theta today, and it has held around that level for the past few days.
Where Is Theta Going from Here?
The positive outlook we can take from the current state of affairs for Theta and the wider market is that we are likely seeing a lull in trading that could turn around at any moment. Theta in particular has shown to be resilient over the last several months. It hasn’t really dipped below $1.00, which means investors are still keeping it afloat and expecting it to turn a profit for them in the future.
We don’t expect Theta’s rate to plummet anytime soon. The $1.20 level is probably about as low as it will go for now, and there is some hope that it could make a push before the end of the week that puts it on much better footing. Those who are holding Theta coins right now maybe able to see a profit in the next few days.
