Crypto analyst Altcoin Sherpa says Theta (THETA) is primed for a fresh leg up after lagging the broader market for a while now.
According to the analyst, the price of THETA has printed key technical signals seen in other altcoins whose recent upside action has been significant.
“I think that this one will moon earlier than other altcoins. It’s been in an accumulation range for longer than most and hasn’t pumped really in quite some time,” the pseudonymous trader explained.
As for how Theta’s price will soar as the bull market continues, the trader notes:
“THETA is one that could outperform. It chopped around longer than others AND it also has its own market cycles/does shit on its own usually”
THETA/USDT chart showing V-shaped reversal and key resistance level near $9.50. Source: Altcoin Sherpa on Twitter.
While Theta is set to carve its own path upwards, Altcoin Sherpa predicts the upside momentum for most of the altcoin market will track a trajectory similar to that seen in Synthetix (SYN) early in the 2020 bull market. He identifies three technical perspectives.
“I expect many alts to look like SNX did back in 2020. V-shaped reversal/accumulation/expansion.”
THETA is trading around $7.44 and has shed about 7% of its value in the past 24 hours. The cryptocurrency market has seen an intraday range of $7.02-$8.22 as observed on market aggregator site CoinGecko.
The 7-day high stands at $8.35, and at current prices, the coin is about 52% from its all-time high of $15.72 reached on 16 April this year.
Looking at the market, Bitcoin has declined sharply from its new all-time highs of $69,045 reached yesterday. The leading cryptocurrency has shed 2.2% and is trading near $65,490. The cryptocurrency market cap is down 1.8% but remains above the $3 trillion mark.