Release of Mainnet 3.0:
only 7 days are left in the release of Theta Mainnet 3.0 and we have already seen that Tfuel has broken out the resistance and rallied beyond $0.60 but Theta coin is still moving in a down channel and could break out the resistance so far.
Market crash and completion of bullish harmonic moves:
Yesterday there was a complete market crash and all the cryptocurrencies were moving down. Theta and Tfuel both also followed the market trend, but while moving down both cryptocurrencies completed the bullish harmonic moves. The Theta formed a bullish BAT and Tfuel formed a bullish Shark pattern.
Shark move of Tfuel:
Bullish BAT move of Theta:
Tfuel re-tested the resistance as support:
The price action of Tfuel found a strong resistance after 13th March. Finally, the priceline broke out this resistance in the month of June. After that, it has re-tested this previous resistance as support three times. But this support is very strong and is not broken down even after several attempts. Every time when the Theta fuel moves to the upside from the support, it is getting rejected again and again by the $0.60 resistance level . Now after the recent bounce from the support we can expect that the price action of the Tfuel can make another attempt to break out the resistance of $0.60.
Theta has reached the support of down channel:
On the daily timeframe chart, the price action of the Theta coin has formed a down channel . The formation of this channel was started in the month of March 2021. The price action of Theta is moving between the resistance and the support of this channel very well. Now recently the price action is getting bounced by the support and we can expect that while the Tfuel is moving up to hit the $0.60 resistance at the same time the Theta can also make another attempt to break the resistance of this channel.
Conclusion:
The price actions of Theta and Tfuel both coins have formed the bullish harmonic moves at the same time. Whilst the price actions of both cryptocurrencies are at the strong supports. Therefore, this time this bullish bounce can lead them to break out the next resistance levels.
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