Theta (THETA) Jumps More than 10% in Surprise Turnaround – FX Leaders
Theta rebounded from Wednesday’s drop with aplomb, back up 10.18% today with a price of $7.10 (THETA/USD).
Things looked grim for the crypto market after a seemingly healthy market plummeted Wednesday, with many cryptos falling more than 10% in 24 hours. Theta is one of those cryptos we knew is going to bounce back, as it had been performing very well lately and there is no economic or regulatory reason for the drop. The problem was market wide, with prices moving high much faster than they should have and the constant rise spooking investors.
The inevitable selloff led to a market drop, which also opened the door for other investors to step in and purchase crypto at a much lower price than it had been for weeks. On Wednesday, Theta saw almost its lowest price for the month, but it did not last long. Investors buying up cryptocurrency to take advantage of the low rate helped push the price back up, and now Theta is almost back to where it was before the drop.
Is the Time Right to Invest in Theta?
This is a crucial moment for the Theta token, because it could go higher as it moves back up to where was a couple days ago or the recent instability could cause the trade volume to slow down or even lower the price.
We’re not expecting any kind of major bearish trend for Theta, and it should not fall below the $6.50 line. When Theta took a plunge on Wednesday with the rest of the market, it fell to just below $6, but that’s more of a fluke than something that is expected of the crypto. Theta is more likely to hang around the $7 level, but it probably will not go a lot higher than that. Analysts are not expecting Theta to push beyond $7.50 anytime soon, so those looking to invest and make a little profit over the short term with Theta probably want to hold off until there’s another price drop.
The good thing about investing with Theta these days is that it is quite healthy and has a consistent performance, or at least as consistent as you can expect from a cryptocurrency token. It is possible to take advantage of the next price drop and then ride that to profits when the price inevitably rises again.