Theta Fuel Breakout Analysis – TFUEL Trading in Active Uptrend with +90% Gains in a Week

By Malik Junaid December 28, 2020 In Crypto News, Market Analysis, Trading

Theta Fuel is trading in active uptrend here like many other altcoins. The Cryptocurrency TFUEL just went up +61% in a single day and surges over +90% in a week.

What is Theta Fuel?

Theta Fuel is the second token (gas token) of the Theta Network. Theta Fuel is a native token on the Theta blockchain. TFUEL powers on-chain operations like payments to relayers for sharing a video stream, or for deploying or interacting with smart contracts. Relayers earn TFUEL for every video stream they relay to other users on the network.

TFUEL Quick Stats

SYMBOL:TFUEL
Global rank:83
Market cap:$211,050,362 AUD
Current price:$0.0431 AUD
All time high price:$0.0478 AUD
1 day:+60.29%
7 day:+90.45%
1 year:+1149.69%

TFUEL Price Analysis

At the time of writing, TFUEL is ranked 83rd cryptocurrency globally and the current price is $0.0431 AUD. This is a +90.45% increase since 20th December 2020 (7 days ago) as shown in the chart below.

Source: TradingView

After looking at the above 1-day candle chart, we can clearly see that TFUEL was trading inside the falling wedge pattern on the TFUEL/BTC pair. The first resistance was on the $0.03547 AUD price levels which TFUEL broke with a strong bullish trend buying volume and is now heading towards its all-time high price. Seeing that many altcoins are waking up bullish today, TFUEL is likely to continue the uptrend.

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“The falling wedge pattern is a continuation pattern formed when price bounces between two downward slopings, converging trendlines. It is considered a bullish chart formation but can indicate both reversal and continuation patterns – depending on where it appears in the trend”

Source: TradingView

What do the Technical Indicators say?

The  TFUEL TradingView indicators (on the 1 day) mainly indicate TFUEL as a buy, except the Oscillators which indicate TFUEL as a sell.

So Why did TFUEL Breakout?

The recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. Another reason could be the whales, secretly stacking up TFUEL to their portfolio for this Altcoins rally. It could also be contributed to some of the recent news of ThetaTV Launching NFT’s.

Recent TFUEL News & Events:

Where to Buy or Trade TFUEL?

Theta Fuel has the highest liquidity on Binance Exchange so that would help for trading TFUEL/USDT or TFUEL/BTC pairs. However, if you’re just looking at buying some quick and hodling then Swyftx Exchange is a popular choice in Australia.

Malik Junaid
Author

Malik Junaid

Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.

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