TFUEL Slides 25% in August – Ready for a Breakout?

On Aug 28, 2023

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Theta Fuel (TFUEL) price has seen two significant dips this year, but other than that, the token has seen strong performance. The latest of the two dips was in August, when its price dropped by over 25% in less than a month.

Initially, the price only dropped from $0.043 to $0.039, and while the level at $0.040 did become a strong resistance, the token has spent two weeks trading sideways.

Many of its holders decided to hang on to the token, believing it would get the boost needed to breach the $0.040 barrier and go back up.

However, after Bitcoin led the market down on August 17, TFUEL was quick to follow. It stepped away from the resistance at $0.040, sinking to $0.032, finding a new bottom just above the support at $0.030.

Over the past ten days, the token went up and down from this level at the bottom to a new resistance at $0.035, with constant fluctuations.

Analysts kept pointing out opportunities for those willing to take the risky move of buying the token. One of them pointed out that it is over 800 times the risk but that the chart looked promising.

The last week alone went from $0.0325 to $0.0340. However, at the start of this week, the price crashed back to $0.0325, and as of the time of writing, it just broke this level, heading deeper down.

The price is currently at $0.0323 after sinking by over 3.5% in the last 24 hours. The new bearish wave has gripped the token, threatening to slide further down.

Has Theta Fuel Run Out of Gas?

After its recent unimpressive performance, some have speculated that Theta may have reached its limit for the time being and ran out of gas. Its strong performance over the summer comes from the launch of the Thea Video API, which emerged on June 15.

The API introduced a Billing Dashboard, allowing Theta Video API to emerge as a more competitive platform. It claims that developers can use its new service to build videos into virtually any app using only a few lines of code.

The update increased its price by over 3% on the announcement day and over 30% over the next five weeks.

However, as of August 17, the project lost momentum, and when Bitcoin started pulling the market down, TFUEL followed.

Sonik Presale Emerges as Alternative

While waiting for TFUEL to find its footing and start a recovery, many have turned to Sonik (SONIK), a new meme coin that attracted market participants through their use of memes and a famous pop-culture character.

Based on Sonic The Hedgehog, but without affiliation with the character or Sega, Sonik is a new meme coin that intends to focus intensely on staking.

The project is currently in the middle of a presale, which has already raised over $622k in only a few days. As of August 28, the presale is offering SONIK for $0.000014, which will last for another eight days.

Anyone interested in buying the token can do so in exchange for ETH or USDT. The project sells 50% of the total supply, while it will split on staking (40%) and liquidity (10%).

Wall Street Memes – Next Big Crypto