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ThecoinrepublicUncategorizedTheta Fuel Price Prediction: Tfuel Price Heads...
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Theta Fuel Price Prediction: Tfuel Price Heads Toward $0.039 

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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. 

Theta Fuel Price Prediction: Tfuel Price Heads Toward $0.039 
Source: TFUEL/USDT By TradingView.

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?

Theta Fuel Price Prediction: Tfuel Price Heads Toward $0.039 
Source: TFUEL/USDT By TradingView.

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 contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Andrew Smith
Andrew Smith
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
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