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Home Cryptocurrency news

Why An Even Deeper Correction Is Expected For The Crypto Market’s Hottest Altcoin

Tony Spilotro by Tony Spilotro
9 months ago
in Cryptocurrency news
Reading Time: 3min read
theta crypto altcoin
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The crypto asset known as Theta was the hottest altcoin in the space during May, but false rumors of a partnership with Google led to a strong selloff.

The downside in the cryptocurrency looks to continue, as two highly accurate sell signals have triggered on weekly timeframes on both the USD and BTC trading pairs.

Theta Pumps Nearly 400% Against the Dollar in May, 350% Against Bitcoin

At the start of May to the peak of the pump, the altcoin known as Theta rallied over 360% against Bitcoin. There was a matching nearly 400% rise on the USD trading pair.

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The rally was fueled by false information spreading about a partnership with Google, however, it was later revealed that the partnership was simply Theta relying on Google’s cloud services on the client-side.

While no true partnership exists, the massive surge brought back memories of the crypto hype bubble.

Related Reading | Theta Cryptocurrency Plunges 50% As Traders Question Google Partnership 

During that time, it wasn’t uncommon to see altcoins rally hundreds of percent against Bitcoin or the dollar.

While those days are long gone, and money won’t be as easy to come by during the next cycle, Theta’s recent explosion provides much-needed hope that a return to a crypto bull market may soon be coming.

But before any sustained bullish advance or uptrend begins, Theta is due for a stronger correction, according go a duo of highly accurate sell signals across the THETAUSD and THETABTC trading pairs.

USD & BTC Sell Signals Could Cause The Attractive Altcoin To Dump Further

Over the last month, few altcoins were discussed as highly as Theta. The asset quickly became the crypto industry’s hottest token.

But as soon as overly eager investors realized the partnership news was a non-event, a selloff cut the gains back significantly.

More downside is also very likely, given a set of sell setups signaled by the TD Sequential indicator on weekly timeframes.

theta usd crypto altcoin

The TD Sequential indicator is a market-timing tool developed by Thomas Demark. After a specific sequence of candles form, it often is a sign that a reversal or pullback is near.

Related Reading | Venture Capitalist: Crypto Gains Won’t Come As Easy During Next Bull Run 

The signal has called many Bitcoin and altcoin tops and bottoms over the last several years, dating back to Bitcoin’s all-time high. It’s proven that its a tool that should never be underestimated.

The 9 sell setup has appeared on both THETAUSD and THETABTC price charts, suggesting that not only is a collapse in USD value expected, but the altcoin will underperform against Bitcoin in the days ahead.

theta btc crypto altcoin

TD 9 sell signals have appeared across most cryptocurrency assets, including Bitcoin, Ethereum, Chainlink, and countless others. The crypto market’s best performer, Theta, also sharing this signal doesn’t bode well for the entire asset class.

Crypto as a whole often follows Bitcoin’s lead, and while sentiment and fundamentals have never been more bullish for Bitcoin, the asset is also facing its strongest resistance yet.

Should another crash happen in Bitcoin ahead of a clean breakout from the downtrend, a lower high could cause extreme panic and a selloff will soon follow.

Bitcoin crashing from here would carry the entire crypto market down with it, Theta included.

Tags: altcoinbitcoincryptoTHETAthetabtcthetausd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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