Theta (THETA) started the week near the $ 6 mark at $ 5.93 (THETA / USD) on Sunday. It has declined almost steadily since then, hitting $ 5.5 late Monday and falling below $ 5 on Tuesday.
THETA / USD
The digital token rallied multiple times this week – first on Tuesday as it approached $ 5.25. Then it plunged below the $ 5 mark to $ 4.98. Theta turned around at this point and went up above $ 5, then briefly peaked at $ 5.18 before moving back down and struggling to stay above the $ 5 level for the next several days.
How Theta is performing now
Today, theta stalled at $ 4.87 – a decrease of 2.27% in the last 24 hours. Over the week we’ve seen theta go up a little and then go down further. If its history is any clue, theta should reverse very soon and climb back towards $ 5 and $ 5.50 very soon. Anything under $ 5 tends to be a critical point for theta and will result in an upward trend, even if it is short-lived. The market almost refuses to keep theta that low for long.
The good news is that the market is booming. Bitcoin (BTC) and theta both skyrocketed from their location a few hours ago today. If they can take this momentum for a while, we could at least see a temporary market turnaround.
To where Theta and go to the market
Bitcoin has embarked on the same fundamental path as theta, taking much of the market with it. Theta mostly only responds to what Bitcoin is doing and follows suit.
We see this all the time because Bitcoin has such a large market share (40%) and it affects the rest of the market a lot. While Bitcoin is moving, so are most of the others Cryptocurrencies, especially smaller ones like Theta, which have such a small market share. Theta, while having a certain momentum of its own, is influenced more by what Bitcoin does than by any other factor.
If we look at the market, we can see that basically all of the major crypto players are looking bullish right now. They look like they’re ready to move up for a while, which suggests it’s time to buy up tokens quickly before the market continues to rise, or hold onto those investments and unite them before selling to make a small profit.
Source: Crypto News Deutsch