THETA Could Outperform The Rest Of The Crypto Market, Says Analyst
A prominent crypto analyst knows as Altcoin Sherpa, is predicting Theta (THETA) to outperform the rest of the crypto market. He is also looking into Bitcoin (BTC), Algorand (ALGO) and The Graph (GRT).
Theta (THETA)
Altcoin Sherpa shares with his 146.5K Twitter followers that he is very bullish on the decentralized streaming platform Theta (THETA). According to the trader THETA looks to be getting ready to soar and precede the rise of many altcoins in the crypto market.
“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.
I expect many alts to look like SNX did back in 2020. V-shaped reversal/accumulation/expansion.”
$THETA: 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. I expect many alts to look like $SNX did back in 2020- V shaped reversal/accumulation/expansion. #THETApic.twitter.com/XFbqJKoXib
The analyst says that THETA is not following the rest of the market and has a tendency to make its own moves.
“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”
At the time of writing, THETA is trading at $7.42, with 1.4% gains on a daily chart, according to CoinGecko.
Bitcoin (BTC)
Looking into (BTC), the analyst opines that price dips don’t necessarily have to be intense than those experienced in 2020 as the market dynamics are different.
The latest BTC correction was just under 14%, while 2020 pullback before liftoff was 17%.
“BTC: Market structure, context, charts are all different vs. other 20k resistance price action in 2020. With that said, the pullbacks don’t have to be that deep when price grinds near ATH levels like this. Up only.”
$BTC: Market structure, context, charts are all different vs. other 20k resistance price action in 2020. With that said, the pullbacks don't have be that deep when price grinds near ATH lvls like this. Up only. #Bitcoinpic.twitter.com/5QnOWCaqHg
Altcoin Sherpa is also looking into the performance of Algorand (ALGO). As the altcoin keeps trading sideways, it might have trouble outperforming Bitcoin in the short term.
“ALGO: I think this one continues to chop around a lot. I don’t know if it outperforms BTC, seems unlikely.”
At the time of writing ALGO is trading at $2.04, with 5.7% gains on a daily chart.
The Graph (GRT)
The last coin the analyst is looking into is blockchain indexing protocol The Graph (GRT). According to the analyst GRT could soon be igniting a rally, as it’s showing signs of accumulation.
“GRT: This coin seems to be showing some signs of accumulation. Some nice volume coming in. I wouldn’t mind scaling in here for a passive trade.”
$GRT: This coin seems to be showing some signs of accumulation. Some nice volume coming in. I wouldn't mind scaling in here for a passive trade. #TheGraphpic.twitter.com/ytk09po8Oq
