Theta coin price analysis: THETA risks 34% dip as $6 support breaks

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Bitcoin’s dump beneath $45k has triggered wide losses, with THETA susceptible to a imaginable downtrend to lows of $3.63

THETA coin has declined much than 12% successful the past 24 hours to spot its worth interaction lows of $5.47 arsenic the broader crypto marketplace begins a caller week with losses crossed the board.

At the clip of writing, THETA is trading astir $5.54, with the downtrend pushing the cryptocurrency to seven-day losses of 16%, arsenic shown by information from CoinGecko.

Across the crypto market, Bitcoin (BTC) terms has dropped 7.6% implicit the past 24 hours to interruption beneath $45,000, portion Ethereum (ETH) is trading astir $3,112 aft declining by astir 9.4%.

Among the apical 10 cryptocurrencies by marketplace cap, Solana (SOL), Cardano (ADA), and XRP are each seeing double-digit losses arsenic bears propulsion the full crypto marketplace headdress down by 6.7% to presently beryllium astir $2.08 trillion.

THETA terms outlook

Technical indicators connected the regular illustration suggest that THETA looks definite to proceed with a antagonistic inclination fixed the bearish pennant enactment seen connected the regular chart.

The regular RSI is trending with a antagonistic outlook beneath 50, portion the regular MACD is expanding wrong the antagonistic portion aft a bearish crossover.

Looking astatine the chart, we spot the terms of THETA has breached beneath the 50-day moving average. The determination has seen it suffer the $6.14 anchor, with the THETA/USD brace retesting and breaching horizontal enactment astatine $5.59.

If the downward trajectory holds, Theta terms could nosedive past the adjacent request portion astir $4.97 (0.236 Fib level). In this case, bulls hazard suffering losses to the adjacent request portion astir $3.63 to bring losses from the $5.59 anchor to astir 35%.

THETA/USD regular chart. Source: TradingView

On the upside, bulls could get a swift rebound if they usage the wide declines arsenic an accidental to bargain the dip.

Such a script would spot Theta terms look to trial absorption astir $5.89 (0.382 Fib level), with sustained upward momentum apt to propulsion prices supra the $6 level towards the 0.5 Fib level ($6.64). From present buyers tin people the 50 SMA ($6.90).

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