en
Back to the list

TFUEL Technical Analysis: Buyers Prepare To Sabotage Retest Phase

Analytics

cryptoknowmics.com 18 June 2022 11:41, UTC
  
Reading time: ~2 m

TFUEL prices face a rise in buying pressure as it retests the breakdown of $0.056, increasing the chances of a prolonged uptrend.  Key technical points:

  • The market price has increased 12% over the past 24 hours.
  • The price action shows a retest phase undermining the selling pressure.
  • The 24-hour trading volume of Theta Fuel is $287 Million, indicating a hike of 287%.

Past Performance of TFUEL

TFUEL prices show a bullish attempt to break above the $0.056 resistance level, the bottom support level of the range, split last weekend. The increase in buying pressure during the retest of the range fallout indicates a high possibility of a price jump exceeding $0.056. TradingView Chart Source- Tradingview

TFUEL Technical Analysis

TFUEL prices showcase a higher price rejection in the daily candle, preventing prices from sustaining above $0.056. Hence, traders hoping for a bullish trend must wait for a price action confirmation. The crucial SMAs – 50, 100, and 200-days maintain a bearish trend, with the 50-day SMA being the first in the line of attack. Hence, the breakout of the 50-day SMA will increase the likelihood of a price jump to the 200-day SMA. The RSI slope shows a bullish reversal from the oversold zone to surpass the 14-day SMA and the halfway line. Hence, the indicator shows an increase in the underlying bullishness. The MACD indicator shows the fast and slow line moving sideways, but the increased bullish influence avoids a bearish crossover. Moreover, the positive histograms resurfacing with the lines regaining bullish alignment displays a boom in buying pressure. In a nutshell, the TFUEL technical analysis forecasts a prolonged uptrend if the buying pressure continues.

Upcoming Trend

TFUEL prices may shortly surpass the $0.056 mark to reach the overhead resistance close to the 50-day SMA at $0.076. However, the uptrend falling to exceed 0.056 will lead to a post-retest reversal, resulting in a fall below $0.40. Resistance Levels: $0.056 and $0.076 Support Levels: $0.050 and $0.041


   Source
Back to the list