• Sat. Feb 24th, 2024

Is there hope for Theta token as the year comes to an end?

  • 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

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.

It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.

eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.


Buy THETA with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in.

OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked.

On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.


Buy THETA with OKX today

The post Is there hope for Theta token as the year comes to an end? appeared first on CoinJournal.