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Theta Fuel gives volatile movements while taking resistance from the 200 EMA. - 2
Theta Fuel is making choppy and volatile movements
After a bullish rally of 32% TFUEL’s price is taking a correction. The market is currently trading in a volatile condition. Theta Fuel might soon take a correction of 20% while taking resistance from the 200 EMA. The market sentiments regarding Theta Fuel price are turning bearish from bullish and the sellers are looking like they might soon overpower the market.
The market moves in volatile conditions
Theta Fuel is giving very volatile and choppy moves in the current market, and as of now is taking resistance from the 200 EMA while consolidating around it. The long wick of the candles and the short body represent the indecision among the buyers and the sellers. The price is currently trying to cross above the 200 EMA while if it does not sustain above that the Theta Fuel price might take a correction of 20%.
The market sentiments as of now are neutral according to the greed and fear index as described by the Alternative(dot)me site which measures the sentiments and emotions from different sources. According to the price action, the TFUEL’s price is currently trading at the supply zone while consolidating and according to the oscillators, the price might soon make a bearish turn.
Technical Analysis (1 Day Timeframe)
The Tfuel is currently taking resistance from the 200 EMA while consolidating above it. The 20 EMA is making positive signs of crossing over the 200 EMA while the next support level for the TFUEL price is near 100 EMA. The recent resistance level for TFUEL is around the price of $0.070 while its next resistance level is around the price of $0.080 and its recent support level is around the price of $0.049.
The RSI line is currently trading near 62.17 near the oversold level points while making a downward curve moving which suggests that TFUEL price might soon make a downturn crossing below the 14 SMA trading at 56.99 making a lower low.
Conclusion
As can be concluded from the above analysis TFUEL is a currency giving volatile and choppy movements which are not capturable as the practice of fast and unpredictable movements of price action although the Price is currently attempting to cross the 200 EMA if it does not sustain above it the TFUEL price might soon take a rejection from the current levels making a bearish downturn 20%.
Technical levels –
Support – $0.049
Resistance – $0.080 and $0.070
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/02/25/tfuel-technical-analysis-is-theta-fuel-going-volatile/