Theta fuel (TFUEL), the ecosystem token of Theta, reached a price above $0.075 Wednesday. This is a new high in two weeks for this Theta network token.
TFUEL has been moving upwards after a sharp decline from $0.079 to $0.057 at the beginning of July, which was also a drop for Theta Network.
Altcoins also retreated to below $54k in early August, mirroring Bitcoin’s decline. The notable drop in THETA took it down from $1.60, to about $1.15. A broader recovery led to a rebound of $1.57.
Theta fuel and DePIN Space
The growth of Theta, with its partnerships including Google, Sony, and Samsung, is excellent for TFUEL and THETA.
Users who contribute resources to the network are rewarded. Theta network, for example uses TFUEL as a reward to EdgeCloud node operator.
TFUEL is used as a token to execute smart contracts and for transactional purposes. This gives it the utility it requires to grow. Tokens can be staked by users to take part in the governance of blockchain networks and help to secure them.
Theta Labs released an update to its EdgeCloud mobile app earlier this week. Support for Android devices will be available in September of this year. The prices of TFUEL and THETA have risen in anticipation of EdgeCloud’s launch.
Theta fuel price reaches 2-week high: What’s next?
Theta fuel is an important network player within Theta Network’s dual token system. However, since its high in 2021 it has been underperforming in the market.
The current price, as mentioned above, is close to a high of two weeks that may act as an important resistance level. If the recent market momentum slows, this scenario could unfold. How’s the current technical situation?
MACD shows strength in the buyers’ direction, but daily RSI indicates neutral sentiment.
Theta Fuel prices have recently risen from $0.057 down to $0.075. The token is still nearly 90% below its June 2021 high of $0.68.
The current Theta fuel price of $0.071 is down 2.45% over the past 24 hours, indicating potential profits.
The post Theta fuel (TFUEL), a crypto-rally’s 2-week high, may be updated as new information unfolds
