Theta (THETA) Continues Decline below $2. How Far Will It Drop?
Itβs another bad week for Theta, as the cryptocurrency falls under the $2 level to $1.86 (THETA/USD). Thatβs a drop of 1.97% over the last 24 hours, as the crypto rose slightly during Tuesdayβs early hours. Overall, Theta is trending down, moving at a fairly steady decline over the past month.
How Theta Is Performing
Thetaβs trade volume is up 93%, bringing it to $403 million. That could indicate a large selloff, but we are also seeing a lot of people buy up this crypto at its historically low rate below the $2 line.
The last time Theta hung out at this level was more than two years ago, back in January of 2021. Since then, Theta has stayed between $3 and $4 for most of the time. This crypto is certainly on hard times, but the question is how long will it last?
Bitcoin (BTC) is down 4.29% for the day, with an 18% drop over the last 7 days. This is driving a lot of the crypto market down, including Ethereum (ETH), with a 0.90% drop and XRP (XRP) with a 2.18% drop.
Where Is This Crypto Headed?
Theta may continue to decline, staying bearish for a while, but we donβt think that is likely. Where it heads will be mostly up to the market and the economy. If they recover, then Theta will be lifted by the improvement. However, Theta is not liable to stay below $2 for long, historically speaking. It will likely sell well at this low rate, and that could mean a selling frenzy that helps to boost the price very soon.
Expect this major drop to create a turnaround for Theta as interest increases in the crypto token.
Theta was staggering under a poor economy last week as well, below the $2.50 level and already making history for the Theta rate. Itβs hard to say how much lower Theta will go before it turns around, but we expect a price shift anytime now.
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