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•TFUEL/USD is currently priced at $0.066 and has increased by 5.50% over the past day
•The technical indicators suggest the altcoin entering a period of consolidation for the near term
•The trading volumes have increased by a massive 185.52% over the past day
Short Term View: Theta Fuel Coin looking for wider support
The Theta Fuel price today is $0.066216 USD with a 24-hour trading volume of $88,191,171 USD. Theta Fuel is up 5.50% in the last 24 hours. The trading volumes have increased monumentally over the past day whereas the Volume to Market Cap Ratio stands at 0.2512 for the near term.
Theta Fuel Coin is embroiled in a tussle with the bears as it is transacting below the 20,50 SMA on the four-hour chart. The bears have signaled their intentions which is depicted through the development of the large red candles over the past few days on the four-hour chart. The bearish momentum could push the Theta Fuel price below the support level placed at $0.060. The next support level lies at the crucial support level placed at $0.050 which the bulls will need to defend with their lives. On the flip side, a turnaround in fortunes could see the altcoin ascend towards the resistance level placed at $0.080 on the four-hour chart.
Long Term View for Theta Fuel Price
The technical indicators suggest a hawkish outlook for Theta Fuel Coin as the RSI is currently transacting at 39.73, having recovered slightly from its recent oversold position. The histograms are green on the daily chart but the bulls are struggling to cope with the bearish pressure at the current price levels. The MACD and signal lines are transacting in the negative zone as well. Thus, the altcoin is likely to trade sideways for the near term.
Conclusion
In spite of today’s positive price action, Theta Fuel Coin is struggling to grapple with the bears as the technical indicators maintain a gloomy outlook for the near term. Hence, the altcoin is likely to trend sideways for the near term before staging an uptrend.
Support: $0.060-$0.050
Resistance: $0.080-$0.10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
