Bitcoin’s drop below $45,000 has triggered widespread losses, leaving THETA vulnerable to a potential downtrend toward a $3.63 low
The THETA token fell more than 12% in the past 24 hours, reaching an intraday low of $5.47 as the broader crypto market opened the week largely in the red.
At the time of writing, THETA is trading around $5.54, extending its seven-day loss to roughly 16%, according to CoinGecko data.
Bitcoin (BTC) declined about 7.6% in the last 24 hours to trade below $45,000, while Ethereum (ETH) dropped roughly 9.4% to trade near $3,112.
Among the top ten cryptocurrencies by market capitalization, Solana (SOL), Cardano (ADA) and XRP are all recording double-digit losses. Bears have pushed total crypto market valuation down by about 6.7% to roughly $2.08 trillion.
THETA Price Outlook
Technical indicators on the daily chart point to a negative bias for THETA, with a bearish pennant pattern visible on the daily timeframe.
The daily RSI is trading below 50, indicating weakening momentum, and the daily MACD has made a bearish crossover while remaining in negative territory.
On the price chart, THETA has dropped below the 50-day moving average and lost the $6.14 support level. That decline put pressure on the horizontal support at $5.59 for the THETA/USD pair, which was subsequently breached.
If this downward momentum continues, THETA could fall to the next demand zone near $4.97 (the 0.236 Fib retracement). In that scenario, bulls face the risk of further losses toward the following demand zone around $3.63 — a decline of about 35% from the $5.59 support level.
THETA/USD daily chart. Source: TradingView
Conversely, if bulls can mount a quick recovery, they may view these broad declines as a buying opportunity.
In such a reversal, THETA could test resistance near $5.89 (the 0.382 Fib level). Continued upward momentum could push the price above $6 toward the 0.5 Fib level at $6.64, after which buyers could target the 50 SMA around $6.90.