Theta (THETA) Fights to Stay Above the $4 Level
After spending most of Thursday at around the $4.30 (THETA/USD) level, Theta is down to $4.11, a drop of 6.75% over the last 24 hours. Like most cryptocurrencies, Theta has dropped since the beginning of December and continues to have difficulty getting back to its November levels.
We are seeing a lot of instability right now within the cryptocurrency market as the wider financial markets are trying to figure out how to deal with recent U S Federal Reserve announcements. Federal Chair Jerome Powell spoke recently on inflation hikes and the idea that they would be “transitory”, calling for a retirement of that particular term. The Federal Reserve’s focus at the moment is on increasing employment and stabilizing prices as much as possible.
In order to do that, most stimulus check plans have been suspended, with no new ones on the horizon outside of the child tax credits. This should bring some level of stability to the financial markets, and the cryptocurrency industry saw a price boost temporarily following these announcements. Today, the market is showing signs of fluctuation as it turns down again, with Bitcoin down 3.31%. These are not major drops, however, so we are not expecting another crash for the market. We do seem to be in a period of uncertainty and instability for the market that may even out by the end of the year.
Where Is Theta Headed?
For those already invested in the Theta crypto or considering an investment in it, the question is where this digital asset might be moving at the moment. There’s a good chance that Theta will turn around if there is no more major downward movement within the wider market. As Bitcoin and some of the other higher ranked cryptocurrencies move, they pull the other cryptocurrencies along with them. Theta was up the last two days, only to fall again today, demonstrating a trend of uncertainty more than anything else.
Theta may move back up past the $5 mark before the end of the year, if investors start spending their Christmas bonuses and other extra cash they tend to have this time of year on cryptocurrency. However, with the recent instability in the market, any bad news for crypto can scare off potential investors and push prices down even further.
We do expect that with these historically low rates at the moment, Theta and other cryptos will be buoyed by a buying frenzy. People want to take advantage of the low rates to buy crypto before the price increases, which should help push the rates back up. That’s what we are expecting over the coming days, but we could also see some more downslide for Theta, Bitcoin, and other cryptos, pulling Theta down past the $4 mark. We don’t expect it to stay under that level for long if it even reaches there, as Theta has historically done very well this year and proven resilient even after several different crypto market crashes throughout 2021.
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