Theta (THETA) Is Looking Healthy This Week, but Would We Call It Bullish?
Cryptocurrency Theta Network (Theta) has been on an upward trajectory since last Tuesday. That’s a week of positive movement that has been hardly slowed down by much at all. It is up nearly 20% for the week and still rising this morning. Investors are starting to see a turnaround with Theta for the first time in a while.
The Outlook for Theta
Theta hasn’t looked this positive since just before Christmas last year. The token is at $3.15 (THETA/USD) at the moment, a 9.01% increase from 24 hours ago. That’s significant for this crypto, which has been mostly bearish since the beginning of the year. Now, it is moving in a bullish trend, and with the poor performance we saw from it over the last few months, there is some worry that it may lose its momentum quickly.
On Tuesday last week, Theta was down to $2.65, continuing a rather lengthy and concerning trend of staying below the $3 level. At $3.15 and rising today, though, it’s looking pretty good. We cannot even say that Bitcoin (BTC) is causing the spike today. Yes, Bitcoin is up a decent but not significant 4.38% this morning, but Theta is up more than twice that. It seems to be picking up some of its own momentum, but if that will carry it up to the $4 level where it spent so much time last year, that remains to seen. We would not put a lot of faith in that notion at this point, since Theta has struggled so much over the last few months.
Theta’s Gains This Week
The Theta network token has ended almost every day over the last week with a gain. There were a couple days where it fell slightly or broke fairly even, but the losses were nothing significant, and Theta is still showing an overall bearish trend.
We expect Theta to most likely fall in the next day or two, but it may not be a major fall. As strong as this crypto has been lately, there is reason to believe it may dip and then bounce back quickly. While investors might have already missed out on their best chance to invest (last Tuesday), Theta could still move much higher.
We would say that for now, Theta is considered a wait-and-see crypto. There is nothing in its history from this year that would indicate it is going to go much higher. The next resistance level we are looking at is $3.50, and the last time Theta was at that point was late in January. If it manages to move back to that level, we could label Theta as “in recovery”.
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