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Altcoin Sherpa predicts THETA price is primed to surge
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Says the altcoin has not yet pumped like many others on the market
Crypto analyst Altcoin Sherpa believes Theta (THETA) is positioned for a fresh move higher after lagging behind the broader market for some time.
According to the analyst, THETA’s price is showing key technical signs similar to those seen in other altcoins that recently experienced significant upward moves.
“I think this one will spike higher sooner than other altcoins. It’s been in an accumulation range longer than most and hasn’t really pumped in a long time,” the pseudonymous trader explained.
Regarding how Theta’s price might accelerate as the bull market continues, the trader added:
“THETA is one that could outperform. It chopped around longer than others AND it also has its own market cycles/usually does its own thing”
THETA/USDT chart showing a V-shaped reversal and key resistance near $9.50. Source: Altcoin Sherpa on Twitter.
While Theta appears set to follow its own path upward, Altcoin Sherpa forecasts that the overall altcoin market’s upward momentum will track a pattern similar to Synthetix (SNX) early in the 2020 bull market. He highlights three technical themes.
“I expect many altcoins to look like SNX did back in 2020. V-shaped reversal/accumulation/expansion.”
Source: Altcoin Sherpa Twitter thread.
THETA is trading around $7.44 and has lost roughly 7% of its value over the past 24 hours. The cryptocurrency’s intraday range has been approximately $7.02–$8.22, according to market aggregator CoinGecko.
The seven-day high sits at $8.35, and at current prices the coin is about 52% below its all-time high of $15.72, reached on April 16 of this year.
Looking at the broader market, Bitcoin fell sharply from its new record near $69,045 set yesterday. The leading cryptocurrency is down about 2.2% and trading near $65,490. Total crypto market capitalization has declined roughly 1.8% but remains above $3 trillion.