As Theta (THETA) Falls 8.32%, Will the Bears Take It Below $7?
Timothy St. John • 2 min read
Theta has been falling almost all day long, starting the day out at $7.6 (THETA/USD). It continued to fall until it hit $7.17, then rebounded slightly before falling again. The #30 ranked crypto is now at $7.24, so it looks like the descent has slowed for now, but it could easily fall again before the day is over.
Is This the End of the Bull Run?
Theta has been doing so well over the past few weeks, and we expected it to go much higher, pushing past $8 and working its way toward $9 even between this week and next. However, this isn’t the first downward trend Theta has had to deal with over the last few weeks. It has had its ups and downs to be sure, falling as low as $6.15 a week ago.
We expect Theta to continue moving upward after today’s setback, and it should not stay down for very long. Theta has performed exceptionally well the last few weeks, with a mostly bullish trend hindered by a couple of retracements here and there. This makes it an excellent investment for anyone looking to do some day trading. The constant ups and downs with an overall positive trend mean that savvy investors could make a profit quickly if this continues.
Theta’s trade volume is still down, as it was the last time we checked in on this crypto. It was down 15% over 24 hours then, and it’s down 18.72% today. That could slow things down for a recovery for Theta, but we do expect it to continue to do well over the next week or two. There is no major hindrance to Theta on the horizon that would seem to keep it from pushing past $8 and then working toward the $8.50 level.
A lot of analysts are wondering if Theta could pick up some steam and charge past $10 by the end of the year. That would be an important milestone for the crypto and push it close to its pre-crash level, but that may be expecting a bit much from it right now. Over the last three months, Theta has traded around the $7 level, and while it could set a new average over the following months, there is potential for it to hang close to $7 as well.