There is good news for Theta investors today. Anyone who had bought the digital asset during the July 20th dip or earlier this week while the price was low will be benefiting today as the Theta rate moves up 9.36%. It’s moving even higher right now, easily moving past the $7 (THETA/USD) resistance level.
THETA/USD
This is a level Theta has struggled against for over a month. The last time Theta was over $7 was in late June, so investors are hoping for the bulls to grab hold of this coin back and propel up to its early June highs. That was when Theta was hovering right near the $10 resistance level.
Is Theta a Good Investment?
Theta closed out July 11.64% down, which left it with a record of four consecutive months of negative returns. It’s starting off August on the right foot, but that could definitely change throughout the month. Now may be the time to invest, or possibly within the next week before the price drops again.
Theta has performed fairly well over the last couple weeks, doing better than most other cryptocurrencies. It rallied back from the July 20th low very quickly and experienced an impressive 100% gain over the next six days. It’s been action like this that has made Theta worth watching for a lot of investors and helped push it towards more mainstream acceptance as a viable investment opportunity.
U.S. citizens are still receiving stimulus checks, and some of that is going towards cryptocurrency investments and stocks. It’s still a time of massive trading for the crypto market, as overall, the market is doing much better than it was throughout 2019 and most of 2020. Theta is one of those cryptos that has held on after the market crash earlier in the year and it’s proven itself to be resilient and a worthwhile investment.
Theta continues to make news by providing support for dapps (decentralized applications) and by improving its protocol and features for its users. Attempts like this to keep Theta relevant have allowed it to outperform many of its cryptocurrency competitors.