In an Unexpected Move, Theta (THETA) Continues to Drop. How Far Will It Go?
Theta fell again today, down 5.65% over the last 24 hours. That brings it down to $4.13 (THETA/USD), dangerously low and close to the $4 level, which we haven’t seen from this crypto since July during a market crash.
The difference here is that crash in the middle of the year consisted of about 10 days of constantly falling prices before a sharper recovery occurred. The current bearish trend has been going for over two weeks, since the beginning of last month. It’s actually part of a wider bearish trend that started over a month ago. We have seen a couple minor upticks since then, but nothing substantial, as Theta has continued to fall almost every day since November 8th.
The Outlook for Theta
Looking ahead at Theta’s momentum, it’s easy to expect that the crypto will continue to fall, but we do not think that’s going to be the case for much longer. We have been expecting a turnaround for some time with this cryptocurrency and the wider market, but obviously that has not happened yet.
Theta isn’t moving one way or the other on its own volition, for the most part. It’s being pulled along by the bigger cryptos like Bitcoin, Ethereum, and Dogecoin. As these cryptocurrencies continue to struggle and fall further from where they were a few weeks ago, they’re going to take the lower ranked cryptocurrencies like Theta with them.
As we watch what Bitcoin and the other top ranking cryptos are doing, that will give us an idea of how Theta may perform in the near future as well. What most analysts agree on is that the current bearish trend is only temporary and should turn around. The question is whether it is going to turn around in a big way or whether it will start to gradually climb. What we can say in regards to investing in cryptocurrencies like Theta at this point is that there is a good chance the price will not go much lower, and buying in now is probably a very good idea.
Theta currently holds a number 40 rank among cryptocurrencies as it continues to fall. This crypto has shown to be very consistent despite its performance over these last few weeks, and we definitely expect it to bounce back, moving past the $6 mark in the next couple of weeks. There is a good chance many people will be buying cryptocurrency around Christmastime or for the new year in order to begin a new investment portfolio. Expect these kinds of purchases to help Theta and other cryptos make a comeback, as many year-end bonuses will likely go directly into crypto accounts.
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