Of the theta Network (THETA) cryptocurrency token is up 2.03% this morning, taking theta price to $2.40 (THETA/USD). The coin has yet to recover from the fall late last month, when it fell from $2.44 to $2.16 in an hour, down 11.4%.
Theta hits the rebound Resistance
When Theta Network fell on Saturday, it didn’t immediately recover. What we’ve seen of this crypto is a slow, painstaking attempt to climb back. Theta did not have an easy time regaining its position after that 11% loss, with major pullbacks almost every day since. In fact, theta has been mostly bearish since Monday afternoon with little sign of reversing its downward move.
Despite surging slightly this morning, Theta is looking bearish in the short-term as it struggles to break above and stay above $2.40. If it manages to clear the $2.40 resistance level and hold that gain, the next resistance level will be $3.00. The last time theta moved past this point was on April 26th, and it was brief then.
Is now a good time to invest in THETA?
To determine if Theta could reverse the trend and prove a good investment for someone buying low at this point, let’s look at the broader market trends. Watching from theta in the last six months has shown that this crypto in connection with Bitcoin (BTC) and the larger crypto market. Theta is struggling to find its own footing and momentum, and when Bitcoin moves, so does much of the market.
Bitcoin is looking bullish this morning, up just 1.27% to $38,928.01 (BTC/USD) but fully recovering from its previous decline. Bitcoin has been mostly higher since late yesterday, which could pull the rest of the market up with it shortly.
We expect Theta to surge above $2.50 or higher in the next 24 hours, fueled by Bitcoin and the crypto market bullish move. However, this may not be sustainable growth, and we expect Theta to fall shortly after a rise, so this is probably more for day traders than long-term investors at the moment.
Source: Crypto News Deutsch