Theta (THETA) Struggles at the $8 Level
Theta is down 1.64% today, falling to $8.10 (THETA/USD) proving that the $8 level is a tough hurdle for it to pass. Over the last few months, Theta has had difficulty not just getting above $8 but also staying above it. It’s become a proving ground for how far Theta will go, and analysts don’t expect Theta to move past the $8 level for very long.
Even though Theta is down at the moment, it’s up overall for the month. This crypto has continued on a mostly bullish streak for weeks, moving up a few spots in the cryptocurrency rankings as well. It fell down in the rankings over the last couple days, moving from the 29th spot to 31st spot, but that’s not as low as the #34 spot it held just a few weeks ago.
Theta Can’t Beat the $8 Mark for Long
Theta has continually pushed against the $8 level, but it has never stayed above it for very long. The longest time Theta managed to keep its head above that level was before the April crash of the crypto market earlier in the year. Though the market has recovered for the most part, Theta has never again reached those kinds of levels it was enjoying back then.
Since April, Theta has not achieved a stay above the $8 level for more than a few days, so it comes as no surprise that the crypto has fallen almost down to $8 again and may fall further before the week is over.
On the other hand, Theta has rarely been stronger than it is now, riding high on a positive trend for the last few weeks. This could be the opportunity for Theta to break from its $8 curse and stay above that level for a while.
One thing we do know about Theta for sure at this point is that you can count on it to come back up after it falls. It doesn’t stay down for long, with only brief bearish periods over the last few weeks. What this means for investors is if they want to put some money in Theta, they can simply wait until it drops and then expect it to inevitably rise again after a few days.
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