As bitcoin (BTC) surges higher, leaving its all-time-high behind it and entering the uncharted realms of price discovery, the altcoins have also erupted into life. Near Protocol (NEAR) and Theta (THETA) are among Monday’s front runners, although both now face heavy resistance.
Major altcoins should outperform $BTC
As bitcoin powers higher, there is only one other set of assets that are likely to perform better, and that is some of the altcoins. Even $BTC can go up (or down) as much as $10,000 in a 24-hour period, and if that happens, certain of the altcoins can do 3x to 10x this same move.
Such outperformance is of course for the odd few altcoins. However, that said, some of the current top-performing altcoins should be capable of beating $BTC gains by at least a factor of 3 times.
The altcoin market is really getting into gear now, and while $BTC is up around 4% so far on the day, some altcoins are surging at over 10%. Near Protocol (NEAR) is one of these plays.
$NEAR bullish, but facing resistance
Source: Coingecko/Trading View
Looking at the short term 4-hour chart, it can be noted that $NEAR has broken through the top of an up-sloping channel. This is a normally bearish pattern, so the fact that $NEAR broke to the upside is a very bullish action.
Source: Coingecko/Trading View
However, when zooming right out on the weekly time frame, it can be seen that $NEAR has come into some heavy resistance, and a rejection looks to be taking place here. If the price comes back to $6, from its current price of $6.95, this could be a great place to enter a position.
$THETA now at heavy resistance
Source: Coingecko/Trading View
Theta (THETA) is among the other altcoins leading the field on Monday. In the short term time frame it can be viewed that $THETA reached the top of the up-sloping channel again. Nevertheless, $THETA would only continue its bullish course if it broke through the top of the channel. As things stand, it might be facing rejection here.
Source: Coingecko/Trading View
Zooming right out to the weekly chart, it becomes perfectly apparent why there is a rejection for $THETA at this point. Heavy resistance formed all the way back in 2021 and into 2022 at this level. Therefore, there is likely to be a rejection before $THETA gathers itself to crash through. $3.30 is a price level where $THETA could hold before making another attempt.
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.
