Theta Fuel (TFUEL) hits 2-week high amid crypto rally
invezz.com 18 July 2024 08:12, UTC Theta Fuel (TFUEL) reached prices above $0.075 on Wednesday, a two-week high for the Theta Network ecosystem token.
Upward movement for TFUEL follows the sharp drop from $0.079 at the start of July to $0.057 on July 5, which coincided with a similar slump for Theta Network (THETA).
The Layer 1 blockchain platform’s native token also dropped sharply as weakness saw altcoins mirror Bitcoin retreat to under $54k earlier in the month. For THETA, the notable dip took it from $1.60 to around $1.15 before a broader market recovery saw it rebound to $1.57.
Theta Fuel and the DePIN space
Growth for Theta Network, which has included partnerships with Google, Sony and Samsung among other top companies is great for THETA and TFUEL.
Amid the demand for power sources by decentralized computing networks, users who offer resources are getting rewarded for their network contribution. Theta Network for instance uses TFUEL to reward EdgeCloud node operators.
TFUEL’s use as the token for transactions and smart contracts execution means it has the utility base it needs to gain traction. Users can also stake tokens to participate in governance and to help secure the blockchain network.
Earlier this week, Theta Labs provided an update for the mobile version of its EdgeCloud. noting support for Android devices goes live in September this year. THETA and TFUEL prices soared ahead of the EdgeCloud launch in March.
What next as Theta Fuel price hits 2-week high?
While Theta Fuel is a key network player in Theta Network’s dual token system, it has underperformed in the market since hitting its peak in 2021.
As mentioned, the current price is near a two-week high that could act as a tough resistance level. This scenario will unfold if markets cool recent momentum. What’s the technical picture like?
The daily RSI is near 50 to suggest sentiment is neutral, although the MACD indicates strength for buyers.
Recently, Theta Fuel price jumped from the lows of $0.057 to $0.075. However, the token remains nearly 90% down from its all-time high of $0.68 reached in June 2021.
Theta Fuel’s current price is $0.071, down 2.45% in 24 hours to indicate potential profit taking.
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