TFUEL Technical Analysis: Trading Below the Fibonacci Pivot Point of $0.42

TFUEL is one of the two listed tokens of the THETA blockchain. It is considered a gas token, used to power all the operations, on the THETA blockchain. Operations include payments for video streaming, for interacting with smart contracts and can be paid as a fee for transactions on Defi applications. Let us look at the technical analysis of the same.

Past Performance

In the last week, TFUEL has been very less volatile. TFUEL opened on July 02, 2021, at $0.37, and closed the week on July 08, 2021, at $0.38. Thus, TFUEL has increased by 1% in the last week. And, in the last 24 hours, TFUEL has traded between $0.33 and $0.40.

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Day Ahead And Tomorrow

At the time of writing, TFUEL is trading at $0.35. The market has shown some bearish signs, as it is slightly below the opening price of $0.38. Therefore, we can witness that the selling pressure is high in the market.

Moreover, on the daily chart, the MACD and signal lines have entered the negative zone. Along with a bearish crossover by the MACD line over the signal line. Thus, indicating that the overall market momentum is bearish, and we can expect the TFUEL price to fall for the rest of the day.

However, both the lines are close to the zero lines and may change signs soon. If selling pressure continues the same way, we might witness a clear breakout on the downside.

The RSI indicator is at 37.78%, which has acted as strong support in the past. Though, it has fallen from the 43% mark and has made it as support by testing it twice. The daily RSI is also forming a bearish divergence. Thus, it indicates that the buyers are fading away, after booking profit from the market. Hence, as per the RSI, we can see some pullback in the price.

TFUEL Technical Analysis

The price is currently trading below the Fibonacci pivot point of $0.42. The indicators are indicating a bearish outlook, therefore we can expect the prices to fall further, from this level and test the support level of $0.34 soon. Thus, it is a good position for the traders to go short by keeping a stop loss at $0.42.

On the other hand, if the buying pressure increases again in the market. The price will likely break the first resistance it has made at the FIB retracement level of $0.40. If the price rises above the extension level of $0.40 in some time, this implies that the price will trend upwards. In that case, traders can go long with a target of $0.47 and keep a stop loss at $0.38.