Theta (THETA) Continues Upward, Testing the $5 Resistance Level – FX Leaders
Theta is up 3.16% today, moving past the $4.50 level to $4.73 (THETA/USD). It is continuing a positive movement that started on Monday when this digital asset was at $3.89. At the time, that was the lowest Theta had fallen since July of this year. It has been extremely rare for Theta to drop below the $4 mark.
We predicted earlier in the week that Theta was likely on the upswing, starting off a bullish run, and that’s where we see the crypto today.
Theta Is Being Pulled up by the Market
Theta appears to be on the mend, along with a number of other cryptocurrency tokens. This morning, Bitcoin is up 3.67%, Ethereum 2.26%, Cardano 2.51%, and Solana 5.54%. That kind of bullish action across the market means good things for Theta, since its lower ranking (#41) causes it to be pushed around by the rest of the cryptocurrency market prices.
We expected to see some positive numbers for many of the digital coins near the end of the year. The numbers will likely continue to improve as investors spend bonuses and other extra cash they receive this time of year. Some investors are looking to dip their toes into the crypto waters for the first time as we approach the new year, and these investments should help to spur price increases for the short term.
It remains to be seen if the current rebound for Theta and the larger market will be maintained for long. Expect Theta to move past $5 very quickly, with its next resistance level at $5.50. There is no reason to think that Theta could not move that high around the start of January.
Theta was actually a bit higher earlier in the day, reaching up to $4.84 but has dropped since then. It could easily move past $5 by the end of the day. Investors should be watching Bitcoin, Ethereum and some of the other high-ranking coins to get an idea of where Theta is headed. It does not currently have enough momentum on its own to sustain its forward movement and will continue to rely on the bigger cryptos to keep moving up.