Altcoins Pyth (PYTH) and Theta (THETA) follow BTC lead

Altcoins Pyth (PYTH) and Theta (THETA) follow BTC lead

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The huge moves in the crypto market are not just unique to bitcoin. The latest move from $BTC has inspired big price rises among a select few among the altcoins. Pyth (PYTH) and Theta (THETA) are among the biggest gainers.

This crypto bull market is remarkable, in that $BTC is approaching all-time-highs, and might even get there before the halving in April. The success of bitcoin is obviously spilling over into the altcoin market, and various of these have vastly outperformed the number one cryptocurrency.

$PYTH explodes violently

Source: Coingecko/Trading View

Like $BTC, the $PYTH move exploded violently on Monday with a breakout of a triangle that was a long time in its formation. It can be seen in the chart above how the initial fake out took the price back into the triangle, but then the breakout happened on Monday, was confirmed early on Tuesday, and then rocketed higher. 

A price of $0.84 was attained today, before $PYTH moved back down to hover around the $0.72 mark. $PYTH is a relatively new cryptocurrency, having been launched only last November. Therefore, there is not much price history. Already in price discovery, it must be wondered just how high $PYTH can go?

$THETA starts the ascent 

Source: Coingecko/Trading View

Theta is not a new cryptocurrency. It went through the whole of the last bull market, and reached a stunning price of $15.90 from practically nothing. Following this, the price tumbled down heavily, and reached a shocking low of $0.50 during the bear market.

From this low, the price ambled sideways for quite a period, and this ended when $THETA began its new ascent earlier this month. Although it does look like it has a long way to go in order to get anywhere near its all-time-high of 2021, $THETA has made a great start, and has come up against the major resistance at $2.20. 

30% on Monday, and 28% on Tuesday has helped it to get to this point. The price has pulled back slightly at time of going to press, and stands at $2.18. If $THETA can break through here, $2.28, $2,40, and $2,64 are the next targets.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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