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- 1 Theta fuel price is currently trading at $0.0359 while witnessing a gain of 1.4% during the intraday session.
- 2 TFUEL price trades below the 20,50,100 and 200-day EMAs.
- 3 The year-to-date return of Theta fuel is 13.97% while the three-month return is -33.40%.
TFUELis one of the native tokens of Theta blockchain. The other one is the theta token, a governance token of Theta blockchain. TFUEL is used for powering all of the operations on the theta blockchain. It is also used for incentivizing users in the ecosystem to share their redundant computing power.
The bullish rally for TFUEL price commenced at the start of 2023, rising from the low of $0.0313 and forming a yearly high at $0.0828. The price faced strong resistance from the $0.0828 level and closed below $0.60. After the move, TFUEL entered into a wide consolidation zone ranging between $0.059 and $0.046.
During the start of May, the price finally gained enough bearish momentum to shatter the support level of $0.046 and melted down to form support at $0.0305.
The support of $0.0305 helped the price in gaining bullish momentum and forming a high at $0.0434. TFUEL price closed at $0.039 after facing rejection from the high and has currently formed support at $0.0345. The current candle has broken the upper wick of the previous candle and is on the way to retest the $0.039 level.
If the price can break and close above the $0.039 level, there is a high probability for the price to fill the upper wick of the June 25 candle. On the other hand, if the price breaks below $0.0345, there is a high probability for the price to head toward the $0.0305 support level.
Will TFuel Price Rise to the $0.0390 level?
TFUEL price trades below the 20,50,100 and 200-day EMAs, suggesting that bearish momentum still persists in the market. However, TFUEL price will soon positively cross the 20-day EMA if bullish momentum prevails. The chaikin money flow score is still below 0 and is currently at -0.01, suggesting that there is weakness in the market. For the whole month of June, CMF has been below 0.
Relative strength index (RSI) trades at 47.65 in the neutral territory facing the same pressure from both bears and bulls. There is a chance that the price might consolidate below the $0.039 level. The price has formed support at the 20-day SMA of bollinger and is currently headed toward the upper band which resides near the $0.039 resistance level.
Conclusion
The market structure and price action of Theta fuel has changed from bearish to bullish as the price begins to rise from the support level of $0.0305. The technical parameters suggest that there is a rise in the number of bulls in the market. If the price can break above the $0.039 level, there is a high probability for the price to head toward the next resistance level of $0.046.
Technical levels
Major support: $0.0305 and $0.0345
Major resistance: $0.0390 and $0.0420
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
