- Theta Fuel coin today broke the rising parallel channel it has been running since early March.
- Theta Fuel coin saw incredible gains in its trading volume of 226% last night.
- In the intraday trading session, TFUEL coin price is seen trading above the notable moving averages.
The Theta Fuel coin price has been rising steadily since early March and the price action shows a bullish parallel channel (blue), where the coin reclaimed almost 70% of its cost to the most recent high of $0.2449. However, in the month of February, traders noticed a double top formation near the $0.240 level; Hence, the bulls faced heavy selling.
Today, as per CMC data, there is a breakout of the parallel channel near the bulls with a solid 19% bullish spike. However, at the time of writing, the TFUEL asset is trading at $0.2297 and is about to retest the $0.25 short-term resistance area. Furthermore, the Theta Fuel coin belonging to the bitcoin pair is up 20.3% at 0.000004879 satoshis.
According to the Volume Profile Visible Range (VPVR), $0.200 appears to be a point of volatility over the past 7 months. Buyers can hedge this level during any pull back. However, the coin gained 226% of trading volume last night. Meanwhile the volume to market capitalization ratio is 0.1613.
Theta Fuel coin price is rarely trading above important moving averages (like 20, 50 and 100 EMA). Thus, the bulls are attempting to close the daily price candle above the 200-EMA line in the context of the daily price chart
Bullish Spike Occurred Today With 20% Gain
The Ichimoku indicator changed its cloud color today and commented on a bullish signal when TFUEL price stays above the indicator’s cloud on the daily price chart.
The daily Stoch RSI is trading bullish from the lowest level and is looking under the overbought zone and slightly above the 90-mark.
The MACD indicator finally crossed the neutral zone and is now looking bullish with a bullish histogram rise.
Conclusion
Theta Fuel coin price is about to face a nearest resistance level of $0.25 if bulls succeed today to close the daily price candle above 200-EMA. The bulls can take advantage of a buying opportunity above this bullish barrier. So the price of TFUEL Coin should be noteworthy above this hurdle.
Support level – $0.20 and $0.11
Resistance level – $0.25 and $0.33
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.