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Theta Fuel Breakout Analysis – TFUEL Pumps +42% in a Week
Theta Fuel is trading in active uptrend here like many other altcoins. The Cryptocurrency TFUEL just went up +27.96% in a single day and surges over +42.12% 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: | 114 |
| Market cap: | $112,242,519 AUD |
| Current price: | $0.0226 AUD |
| All time high price: | $0.0331 AUD |
| 1 day: | +27.96% |
| 7 day: | +42.12% |
| 1 year: | +594.07% |
TFUEL Price Analysis
At the time of writing, TFUEL is ranked 114th cryptocurrency globally and the current price is $0.0226 AUD. This is a +42.12% increase since 8th December 2020 (7 days ago) as shown in the chart below.
After looking at the above 1-hour 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 $0.0165 AUD price levels which TFUEL broke with a strong bullish trend buying volume and is now heading towards the next resistance at $0.0254 AUD & $0.0286 AUD respectively. Seeing that many altcoins are waking up bullish today, TFUEL is likely to continue the uptrend.
“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”
What do the Technical Indicators say?
The TFUEL TradingView indicators (on the 1 day) mainly indicate TFUEL as a strong buy, except the Oscillators which indicate TFUEL as a buy.
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 TFUEL Staking & Burning.
Recent TFUEL News & Events:
- 14 July 2020 – ATOMARS Listing
- 30 September 2020 – Testnet Smart Contracts
- 30 September 2020 – Video-on-Demand
- 31 December 2020 – Mainnet Smart Contracts
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.
Author
Malik Junaid
Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.
