Theta Fuel (TFUEL) price has jumped sharply in the past few days as investors continue buying the dip. The coin has risen in the past six straight days and is currently trading at the highest level since June 6th of this year. It has risen by about 66% above the lowest level this month. Its market cap has risen to about $640 million.
What is Theta Fuel?
Theta is a leading blockchain network that aims to change the video delivery industry. It aims to help video creators around the world save money when distributing their video content online.
Theta’s goal is not to disrupt video companies like YouTube. Instead, people can use its technology to save money when distributing existing videos or live streams.
Theta works by letting people from around the world provide their free storage for video storage. These users then earn money for every video that is stored in their storage.
Further, the network has expanded its network to non-fungible tokens (NFT). The developers launched an NFT marketplace that is seeing substantial traction in the past few months.
Find out more about the best crypto trading bot.
Most importantly, in April, they launched Theta Mainnet 4.0, which was geared toward the media and entertainment industries. Using this upgrade, users can build video content platforms at a lower cost, ticketing and live events platforms, movie studios, and web hosting solutions.
Unlike many other blockchains, Theta has two tokens in its ecosystem: Theta Token and Theta Fuel. Theta Token is the governance token for the ecosystem. It is used as a validator or guardian node that ensures the stability of the ecosystem.
Theta Fuel is the operational token of the Theta Protocol. It powers the on-chain operations like payments to relayers for sharing a video stream. It is the gas of the protocol. The coin’s price is surging as the number of users in its ecosystem keep rising and as investors buy the dip.
Theta Fuel price prediction
The daily chart shows that the TFUEL price has been in a strong bullish trend in the past few days. This rally comes as the token has formed an inverted head and shoulders pattern. Indeed, the coin has moved slightly above the descending trendline shown in blue.
It has also moved above the 25-day and 50-day moving averages while the MACD has moved above the neutral point. Therefore, the coin will likely keep rising as bulls target the key resistace at $0.10.