THETA coin price dips 12.6% amid major crypto losses

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Bitcoin’s dump below $45k has triggered widespread losses, with THETA vulnerable to a potential downtrend to lows of $3.63

THETA coin has declined more than 12% in the past 24 hours to see its value touch lows of $5.47 as the broader crypto market begins a new week with losses across the board.

At the time of writing, THETA is trading around $5.54, with the downtrend pushing the cryptocurrency to seven-day losses of 16%, as shown by data from CoinGecko.

Across the crypto market, Bitcoin (BTC) price has dropped 7.6% over the past 24 hours to break below $45,000, while Ethereum (ETH) is trading around $3,112 after declining by about 9.4%.

Among the top ten cryptocurrencies by market cap, Solana (SOL), Cardano (ADA), and XRP are all seeing double-digit losses as bears push the total crypto market cap down by 6.7% to currently sit around $2.08 trillion.

THETA price outlook

Technical indicators on the daily chart suggest that THETA looks certain to continue with a negative trend given the bearish pennant formation seen on the daily chart.

The daily RSI is trending with a negative outlook below 50, while the daily MACD is increasing within the negative zone after a bearish crossover.

Looking at the chart, we see the price of THETA has broken below the 50-day moving average. The move has seen it lose the $6.14 anchor, with the THETA/USD pair retesting and breaching horizontal support at $5.59.

If the downward trajectory holds, Theta price could nosedive past the next demand zone around $4.97 (0.236 Fib level). In this case, bulls risk suffering losses to the next demand zone around $3.63 to bring losses from the $5.59 anchor to around 35%.

THETA/USD daily chart. Source: TradingView

On the upside, bulls could get a swift rebound if they use the widespread declines as an opportunity to buy the dip.

Such a scenario would see Theta price look to test resistance around $5.89 (0.382 Fib level), with sustained upward momentum likely to push prices above the $6 level towards the 0.5 Fib level ($6.64). From here buyers can target the 50 SMA ($6.90).

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Disclaimer: The views expressed in The Coin Times are solely those of the authors cited. It does not constitute The Coin Times recommendation to buy, sell, or hold any investment. Before making any financial decisions, it is recommended that you undertake your own research. Use the information supplied at your own risk. For additional information, please see the Disclaimer.

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