As the market plunges again today, with most major cryptos falling between 3-5%, Theta Network (THETA) is down much more. This struggling crypto has fallen 7.97% to a rate of $1.33 (THETA/USD) and continues to decline.
What happens to Theta?
Theta has struggled all year, dropping to the $1 level. This is in stark contrast to its rates last year, where it hovered between $3 and $4.
We have seen a downward spiral for this crypto since the start of the year. It has been in a mostly downtrend that doesn’t seem to be stopping. Whenever he makes minor gains, these do not hold and the price continues to fall thereafter.
Theta is certainly at the mercy of major cryptos and the broader economic market. As the economy continues to fall and cryptos like Ethereum and Bitcoin continue to fall, Theta cannot build enough momentum to pull itself out of this gravity well.
Despite launching a new coin on the Theta network earlier in the year which flopped, Theta still holds up as a token, hanging in the top 40 of the chart. None of the three Theta-related tokens performed well this year, and it may not be long before this token falls from public consciousness.
The Theta Network, however, enjoys $158 million in trade over the past 24 hours, but this is down 7% from yesterday. We could see trading volume increase as the rate bottoms out in the coming hours or days.
Should you buy Theta now?
The Theta Network token is falling as this article goes to press. If you want to take advantage of low rates, you might want to wait until they bottom out.
Theta tends to shoot back up, but not soar as high as it used to. That has been his behavior for much of this year, however, and we expect it to continue. After today’s low rates, there will likely be plenty of buyers for Theta tokens hoping to take advantage of the price increase.
Expect the theta rate to bounce back to at least $1.50 and possibly higher in the coming days, but it could also drop to $1.15 or just off the $1 mark before that hits. occur.