Theta (THETA/USD) Challenged at 8.0 - Buy a Retreat to Support at 6.54

Theta (THETA) Passes $8.00, but Is It Heading Higher?

Posted Friday, November 5, 2021 by
Timothy St. John • 2 min read

Theta is up almost 5% this morning, passing the $8 level, hitting $8.06 (THETA/USD). As of this writing, it is still going higher and it may not be a bad time to invest, as it looks like Theta is going to keep moving up throughout the day.

THETA/USD

This crypto experienced a small setback on Wednesday as it dropped from Tuesday’s $7.88 high before it could pierce the $8 level. That proved a retracement for the digital asset, as it started to climb back up from late Wednesday. The highest Theta has gone in a while is $8.20 at the end of last month, but it has the potential to move much higher than that on this current trend.

We saw Theta achieve a peak of $9.57 on September 7th, and we may be seeing similar movement right now. Theta has been very healthy and active recently, with its trade volume shooting up more than 11% over the last 24 hours. We are expecting Theta to move toward the $9 mark, perhaps hitting it before Monday morning.

Is Theta at Risk for a Bearish Trend?

What if it goes the other way, though? Theta is still volatile, as evidenced by Wednesday’s action, and it has not experienced a fully bullish trend. This mixed movement we are seeing is cause for concern for anyone who wants to invest heavily in Theta.

Is this the right time to invest? You may see some small profits over the next few days if you invest, but it probably is not a good time to invest heavily. Theta has historically struggled to move past the $8 mark, so there is some evidence to suggest that it won’t stay above that mark for long. Recent trends show that if Theta does hit a higher mark, perhaps $8.50 or even $9, it likely won’t stay that high for long and will see a pullback within the next day or two.

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