The Theta Fuel (TFUEL) price surged on Friday as demand for the cryptocurrency spiked. It reached $0.0843, which was the highest price in the previous 24 hours. It has increased around 18% since its lowest point during this time, boosting its total market capitalization to just over $375 million.
In this article, we are going to discuss the latest Theta Fuel price analysis, price prediction, and what to expect from it in the future.
Why Is Theta Fuel Price Rising?
Theta Network is a pioneering blockchain initiative that aims to revolutionize the field of online video delivery. It is altering the way videos are saved and accessed by consumers worldwide. The Theta concept is quite straightforward. In lieu of storing videos on centralized servers, the network enables ordinary users to share their available bandwidth and earn compensation based on their storage space.
Theta does not intend to compete with YouTube and Vimeo. It seeks to alter the manner in which these companies store their data. As a matter of fact, Google is an enterprise node operator on the platform. Among others are Binance, Sony, and Sierra Ventures. Theta Network is also an industry leader in Non-Fungible Tokens (NFT). Tdrop was released by the developers early this year. Tdrop is a blockchain that allows users to mint and purchase NFTs in a few straightforward steps.
In recent weeks, the NFT business has been under significant pressure as the demand for these items has decreased. This week’s data revealed that the value of NFTs sold in July was approximately $600 million. This was significantly less than the $6 billion transacted in January. Theta introduced Mainnet 4.0, also known as Theta Metachain, very recently. The objective is to ensure that companies in the media and entertainment industries can produce high-quality solutions. The native cryptocurrency of the network is referred to as Theta Network, while Theta Fuel is the currency that is used to compensate for gas expenses on the platform. All these factors are currently fueling the Theta Fuel price.
Theta Fuel Price Prediction
The daily Theta Fuel price reveals a strong positive price trend over the past few days. It has risen from a monthly low of $0.0623 to a monthly high of $0.0843. Notably, it surpassed the significant resistance level at $0.0649, which was July’s highest point. Theta Fuel price’s upward momentum is supported by technical indicators. Theta is supported by the 20-day and 50-day simple moving averages, and the Relative Strength Index (RSI) has increased over 65.
Therefore, the coin’s outlook remains optimistic, as the significant resistance mark around $0.0784 being smashed. MACD also demonstrates the bullish trend of the Theta Fuel coin. The MACD line is set to cross the signal line in an upward direction, which will result in a bullish crossover. As the accumulation period begins, bulls are aggressively driving up the Theta Fuel price. Investors in Theta Fuel should closely monitor the daily price chart for any changes.
Is Theta Fuel A Good Investment?
Theta Fuel has been the primary support for numerous live stream programs. A few significant ones are Sliver. TV Samsung VR, Sliver.TV, and MBN, the top business news retailer in Korea. The Theta platform now supports two native tokens: Theta and Theta Fuel. Theta Fuel is a well-established virtual currency in 2022 in conjunction with the Theta protocol, and the platform offers a new delivery performance that can be modified if compliance is met on the Theta network.
The initial annual growth target for the supply of Theta Fuel coins is 5%. Each network participant operating a Validator or Guardian node will receive Theta Fuel incentives proportionate to the amount of Theta Fuel they purchase. Theta Fuel currency facilitates the separation of each token’s utility and purpose. Theta Fuel enables millions of transactions by empowering micro and network operations due to the liquidity requirements of smart contracts and video feeds.
In addition, the gaming industry is the main benefactor of Theta Fuel for overcoming administrative issues related to placing wagers and operating where two tokens are required at a given moment. By providing security and adhering to local legislation, Theta Fuel cryptocurrency prevents a great deal of maneuvering and tampering in the betting industry and bolsters its legal standing. In sum, the current Theta Fuel price action and growing developments on the network are indicating a strong rebound from the currency in the near future.
