Theta (THETA) Preparing for Weekend Turnaround?

Theta falls to $6.11 (THETA/USD), which is a drop of .87% over the last 24 hours. Over the last couple of days, Theta has stayed really close to that $6 level.

THETA/USD

We predicted it could be getting ready to go either way from here, as momentum is slowing down. Now that the weekend is beginning, we are probably going to see some change from Theta that is more substantial than what has happened over the last few days.

Theta is down from the beginning of the week, where it reached $6.87, and while it did bounce back a little from the early week low of $5.65, it is struggling to go much beyond the $6 level. We are seeing a slight bump in Theta’s trading volume, as it increases 1.20 over the last 24 hours. This could mean that investors are preparing for a price spike from Theta in the next couple of days, which would be consistent with how Theta performs over the weekend. While the price is low right now could be the perfect time to strike.

How Theta Is Affected by the Wider Market

We have to look at the large cryptocurrency market and what is going on there to have an idea of what Theta might do. Because Theta is only ranked #33 out of the many cryptocurrencies, its pricing is governed in a large way by major cryptos like Bitcoin, Dogecoin, Ethereum, and more.

Bitcoin is up 4%, and as it increases, it pulls much of the crypto market with it. Ethereum is likewise up- a small 1.13%. It is tough for a mid-level crypto like Theta to stay down when major cryptos are doing okay. If we see a major spike from some of the majors, that should pull up Theta’s price as well. Expect to see some action there over the weekend.

Crypto investors are still waiting with bated breath over concrete details regarding cryptocurrency regulations from the US government or other countries, as there is increased pressure from global banking institutions to create more regulation for cryptocurrency. Those decisions will definitely impact Theta’s price.