Theta (THETA) Barely Avoids Falling under $1 Level
As the crypto market sees a slight upswing this morning, the Theta Network (THETA) token is saved once more from dropping below the crucial $1 level. It is up 3.05% this morning to a rate of $1.16 (THETA/USD). That increase is about on par with what the rest of the market is doing.
Theta Is Really Struggling
Anytime Theta starts to hover just above that $1 mark, the naysayers all start to pile on and investors begin to pull out. Theta has rarely gone below $1, but it seems to be hanging on by a thread in its attempts to stay above that level.
There was still more than $54 million dollars in Theta tokens changing hands over the last 24 hours, but the trade volume is down 5.73% for this coin. Even if Theta manages to see a trade volume boost by investors buying low in hopes of selling high, the rate isn’t expected to go very high for now. Theta’s price has only reached $1.50 this month, which is significantly lower than last month’s high of $2.67.
The telling statistic, though, is that the high for June occurred in the middle of the month, and it wasn’t the only peak for this crypto during the month that reached above $1.40 or stayed close to that mark. May’s performance was more one-note and predictable, with the crypto achieving its high early in the month and falling rather consistently all month long.
This means there is hope for a less predictable crypto for July and the potential for it to break out and see some gains that stick for a while.
Will It Ever Get Better for Theta?
All of this could indicate that the economy is improving slightly, but the hard numbers don’t lie. Theta is down from May and from the month before, with a month-to-month decrease that is spelling doom for this crypto in particular and the wider cryptocurrency industry.
The economy will have to improve for Theta to make significant gains. That will cause Bitcoin to climb and then that coin will pull up the lower ranking crypto coins with it, Theta included. A healthy economy is Theta’s only hope for any kind of play close to the $2 level, and until that happens, we will likely see it struggle to even stay above $1. If it does fall below $1, expect a lot of investors to write it off for a long time.
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