After a Weekend of Downturn, Theta (THETA) Is Struggling under the $4 Level

A week ago, theta was just above the $5 level. It has continued declining since then, today at $4.95 (Theta / USD). Cryptocurrency volume is up (40.25%), with a massive rally in the last 24 hours indicating a lot of selling.

theta/dollar

For many investors, writing is hanging on this digital asset, seeing that Theta first struggled under $5 and is now having trouble going over $4.

Historic Lows for Theta

Theta seems to have been doing really well for a lot of the past year, but now it’s hanging around at a level that’s the lowest we’ve seen since February of last year, before much of the market started going higher. Even when the cryptocurrency market crashed several times during 2021, Theta spent almost no time below that crucial $4 level.

There was a market crash in July of last year where Theta ended up at $3.66, but only for a short time. At this low point, Theta quickly turned around and started his climb, crossing $6 very quickly. While investors are hoping for a repeat of this type of action and are looking for an opportunity to buy low and sell high in a couple of weeks, that doesn’t seem to be the case here.

Instead, we’ve seen a completely different movement for Theta, gradually slipping back to where it is now. It’s not a sharp crash like what we saw in July last year. Theta and a lot of the market have been heading down quite steadily since Bitcoin hit a new all-time high a couple of months ago.

This general downtrend has investors and analysts worried about the future of the cryptocurrency market. Furthermore, there is constant talk of new government regulations that could significantly affect cryptocurrency prices, accessibility, and trading in the coming months. Those within the industry worry about its future.

Where might theta go?

At the current point, Theta will have a hard time getting back above $5 anytime soon. Over the past few weeks, we’ve been expecting Theta to perform better, comparing its performance to performance earlier in 2021. However, the entire market has shifted, with most cryptocurrencies struggling at lower levels than they have been for most of the past year.

Investors should realize that it may be difficult for cryptocurrency prices to rise very quickly in the near future due to the rather gradual downturn that has brought the market to where it is now. Theta might make a small turn and get back above the $4 level, but at this point, $5 is a long way off.