Theta token has lost 94% of its value from its ATH
The cryptocurrency was rejected at the $1 resistance and is correcting
THETA could end the year below $1 if a breakout does not occur at the crucial resistance
All cryptocurrencies are in tatters, at least for now. However, some tokens have been the worst hit as the crypto winter ravages. Theta Network token (THETA/USD) can be considered extremely bearish this year. A loss of more than 94% from its all-time high tells of a token that was once booming. THETA now trades below $1. But is there a chance to recover before this year ends?
One can only accurately predict THETA’s price action by looking at the general crypto sentiment. As of press time, cryptocurrencies remained mixed. Leading tokens Bitcoin and Ethereum had lost an intraday of 1.44% and 2.50%, respectively. Both cryptocurrencies have made some gains over the past one week. Conversely, THETA was down by an intraday of 1.06%. However, the bear market is still strong owing to the token’s depressed prices. Looking at the longer-term outlook, THETA is still bearish.
THETA back to $1? That could be the realistic bet we can make now for the token. The cryptocurrency tested the level in late November, and buyers may not be done with it yet. A recovery above $1 could ignite a bullish interest for THETA. It is still too early to conclude since the upside looks weak for the token.
THETA outlook as price remains subdued by the $1 resistance
THETA/USD Chart by TradingView
The technical outlook is bearish for THETA. The price tested the $1 resistance and is pushing lower. If buyers overcome a drop below $0.8, THETA could end the year at $1. The RSI is, however, below the midpoint, indicating that sellers remain in charge.
Should we consider a bullish bias?
Not yet! The token is extremely bearish. If considering buying THETA in the short term, at least do so after the price recovers above $1. Lasting recoveries will depend on the crypto sentiment.
Where to buy THETA
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
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