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TFUEL Price Analysis: Trend Reversal and Recovery with Flat Stability for a Day or Two

source-logo  cryptoknowmics.com 18 November 2021 07:59, UTC

Theta Fuel (TFUEL) is one of the two native tokens on the Theta blockchain. TFUEL should not be mistaken for Theta Token (THETA), which is the governance token of the Theta blockchain supported by thousands of community-run Guardian nodes and its Enterprise validators including Google, Binance, Blockchain ventures, Gumi and Samsung.

Let us look at the technical analysis of TFUEL.

Past Performance of Theta Fuel

Since November 11, 2021, the TFUEL price chart was on a downtrend. The price was moving downwards, making lower lows and lower highs. Yesterday, a trend reversal happened, and the price is recovering slowly.

On November 11, 2021, TFUEL opened at $0.348. After a week, it closed on November 17, 2021, at $0.3379. This was a decrease of 2.9% over the week. The price has made the current 24-hour low at $0.3039, while the 24-hour high at $0.3404.

Source: https://www.tradingview.com/x/f3veDoNh/

TFUEL Technical Analysis

The price is showing that a valley pattern can be seen in the upcoming days. However, today the price is showing neutral signals as the height of the candle is small. The current trading price of TFUEL is $0.3358, which is a daily change of only 0.62%. Let us look at what the indicators are showing us.

The OBV is showing a fairly horizontal line at the end of its graph. This means that the buying volumes and the selling volumes are balancing each other, thus making the price stable.

The Relative Strength Index is moving along the equilibrium, which is again a neutral signal. Currently, RSI is at 49.25%. This is a signal that the traders may hold their current positions.

MACD line is moving below the Signal line, and both lines are negative. This is a negative signal from the MACD graph, as being a lagging indicator it is still following the downtrend.

Day-Ahead and Tomorrow

Theta Fuel (TFUEL) projections are rather contradictory. There is no universal consensus either about positive or negative TFUEL price movements in the future. Indeed, the future possible growth depends on various factors: announcements, new technological solutions of the Theta Fuel projects, the crypto environment in general, legal position, and so on.

Looking at the FIB numbers, we can see that yesterday the price movement took place around three Fib levels, $0.321, $0.322, and $0.340. Currently, the price is being tested at the $0.34 level.

Thus, two indicators are showing that the price is likely to remain stable today, as they are neither showing a bullish signal nor a bearish signal. The traders may hold their current positions and look for a significant deviation. However, following the MACD’s signal, traders may keep a stop-loss at $0.3031.

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