Crypto analyst Altcoin Sherpa says Theta (THETA) is primed for a recent leg up after lagging the broader marketplace for some time now.
In accordance with the analyst, the worth of THETA has printed key technical indicators seen in different altcoins whose current upside motion has been vital.
“I believe that this one will moon sooner than different altcoins. It’s been in an accumulation vary for longer than most and hasn’t pumped actually in fairly a while,” the pseudonymous dealer explained.
As for the way Theta’s worth will soar because the bull market continues, the dealer notes:
“THETA is one that might outperform. It chopped round longer than others AND it additionally has its personal market cycles/does shit by itself normally”
THETA/USDT chart exhibiting V-shaped reversal and key resistance stage close to $9.50. Supply: Altcoin Sherpa on Twitter.
Whereas Theta is ready to carve its personal path upwards, Altcoin Sherpa predicts the upside momentum for a lot of the altcoin market will observe a trajectory much like that seen in Synthetix (SYN) early within the 2020 bull market. He identifies three technical views.
“I count on many alts to seem like SNX did again in 2020. V-shaped reversal/accumulation/growth.”
THETA is buying and selling round $7.44 and has shed about 7% of its worth prior to now 24 hours. The cryptocurrency market has seen an intraday vary of $7.02-$8.22 as noticed on market aggregator web site CoinGecko.
The 7-day excessive stands at $8.35, and at present costs, the coin is about 52% from its all-time excessive of $15.72 reached on 16 April this 12 months.
Wanting on the market, Bitcoin has declined sharply from its new all-time highs of $69,045 reached yesterday. The main cryptocurrency has shed 2.2% and is buying and selling close to $65,490. The cryptocurrency market cap is down 1.8% however stays above the $3 trillion mark.