Theta Fuel Records 66% Spike Following Update Announcement

Theta Fuel Records 66% Spike Following Update Announcement

The Theta Fuel (TFUEL) community is in a frenzied excitement following the announcement of a line-up of proposed innovations. The latest development boosted the cryptocurrency price, despite the overt bearish momentum in the broader market.

Arguably the most exhilarating proposal is the launch of the network’s Mainnet 3.0 update, which boasts an array of impressive new features. Some of the recent developments include the inclusion of the Creative Artists Agency (CAA) as validators to the network and the inclusion of one-click delegated staking to the Theta web wallet.

Theta Fuel is currently witnessing its biggest price rally since its debut and has recorded a new all-time high at $0.6806. The thirtieth-largest cryptocurrency managed this feat following a massive +66% spike amid a bearish tone in the broader market.

The announcement that the sports and talent agency CAA has become an external validator to the network was perhaps the most exciting new announcement. The agency joins tech giants like Samsung, Google, and Sony in becoming a validator.

Meanwhile, the announcement of the one-click delegated staking on the Theta web wallet is also a jaw-dropper for the network. The addition creates a stress-free method for earning rewards without the complexities of yield farming.

Key Theta Fuel Levels to Watch — June 21

Following its all-time high recording, TFUEL saw a massive correction to the $0.4170 area. However, the cryptocurrency has since recovered modestly from this fall and trades around the $0.6000 axis.

TFUELUSD – 4-Hour Chart

Although Theta Fuel appears to have fallen into a sideways range between $0.6000 and $0.5500 over the past few days, the underlying bias remains bullish. That said, we expect full recovery to the recent all-time high over the coming days once the broader market bearish momentum slows down. In the meantime, we could see further range-bound movements in TFUEL.

Meanwhile, our resistance levels are $0.6000, $0.6500, and $0.6805, and our support levels are $0.5500, $0.5000, and $0.4500.

Total Market Capitalization: $1.37 trillion

Theta Fuel Market Capitalization: $2.97 billion

Theta Fuel Dominance: 0.21%

Market Rank: #30

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.