Theta (THETA) Eyeing Breakout after Falling from $4?
Decentralized cryptocurrency Theta is down today 3.49% after briefly moving above $4 (THETA/USD) yesterday. The current price is $3.87, which is the lowest Theta has gone since June of last year.
Some investors are expecting a breakout from Theta following its recent downward movement, anticipating a wedge shape that could erupt into a bullish trend.
A Key Moment for Theta
The Theta network is blockchain powered and designed to improve video streaming, helping the industry go decentralized. Theta was created by video and gaming industry veterans as they were advised by YouTube co-founder Stephen Chan and Twitch’s co-founder Justin Kan.
Theta is in a downturn at the moment, experiencing its lowest price point in months. This could be an important time for Theta as it prepares to turn around very soon. Theta was down last weekend as well, and it continues to trend downward, but many investors are expecting it to surge upward very soon.
Keep in mind that Theta was at $14.28 back in April, when the market was at its peak. However, a number of cryptocurrencies have moved past their April highs, including Bitcoin which only recently achieved a new all-time high. It is not the only crypto to do that either, so there is potential for Theta to move back in that direction and even surpass its historic high.
While Theta has moved between $4 and $5 recently, it has struggled with the $6 level, where we expect it to meet some resistance should it start to go bullish. Theta is performing in a similar manner to Bitcoin, which is also down today (2.61%). Theta may wait to start going bullish until Bitcoin does, which could happen very soon. Bitcoin has been down for several days now, and it is expected to turn around this week. Watch Theta when that happens; its momentum may not stop when Bitcoin runs out of steam from an upward trend.
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