THETA Plunges 5.54%; Is It Still a Good Investment?
Today, THETA/USD is at $4.53, a drop of more than 5.5%. Yesterday, it dropped 7.17%, trading at $4.96. Does that mean it’s a digital asset that’s ready to bottom out?
Like most cryptocurrencies, Theta has been on the decline for the last few weeks. These weeks have been really rough for the industry, but that also means it is a great time to buy. In Theta’s case, the decline has been steady and not marked by any significant bullish behavior.
Theta’s Recent Trends
The Theta chart for the last week and the last month are very similar, with both showing a steady bearish trend. This is potentially good news for investors, though. If you’re an investor who’s looking for a real bargain, now may be the time to pick up some Theta tokens and then sell when the market improves.
Theta peaked in the first few months of 2021, starting off at $1.91 in January and then hitting its all-time high on April 16th of $15.72. It’s had a few notable dips and rebounds since then, but after the first week of May, we’ve seen mostly bearish movement from this cryptocurrency.
Theta’s Future Prospects
Theta ranks number 22nd overall among the cryptocurrencies, It has a 12.44% trading volume over the last 24 hours. These kinds of numbers indicate a healthy cryptocurrency, even though the market as a whole isn’t looking very healthy.
This is why we can say that Theta is likely to rebound. Whether it will hold on to that rebound and stay bullish for a while is hard to say and will be determined by factors like economic growth, Theta’s perceived value, and the movement of the cryptocurrency market as a whole.
Market analysts expect Theta to have a bull run over the next few months, based on the history of this cryptocurrency and the wider market. Some analysts expect the digital asset to reach as high as $16 over the next year. Considering its growth in this year alone, that wouldn’t be totally unexpected.
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