Theta Network has continued to gain traction in the past few months. The network has two tokens, THETA and Theta Fuel. Theta Fuel is the operational token of the Theta protocol, whereas THETA is the governance token.
Looking at the latest price action of Theta Fuel, the prices have been on a long-term bearish trend for months. In the month of May, Theta Fuel has lost 50 per cent of its value, and the decline is likely to continue. The crypto has also lost 66 per cent of its value year to date.
Despite the recent price drop, Theta Fuel remains one of the best utility coins in the market today. In addition, the platform where it is used as the operational token is also gaining traction. This means that in the next few months or years, there is a real likelihood of growth for both the Theta Network and Theta Fuel.
Theta Price Prediction
Theta Fuel is down by three per cent in today’s trading session. The drop also means that the cryptocurrency has wiped out yesterday’s price gains in the market. However, in the past two weeks, the prices have traded within a very narrow margin of $0.0600 and $0.0761. The sideways market has resulted in stagnant prices where, on most days, the previous session’s gains and losses are reversed.
Therefore, my Thetafuel price prediction expects the prices to continue in the sideways trend for the next few trading sessions. Today’s session will likely close lower than the current price of $0.063. However, tomorrow’s session will wipe today’s price loss and set a new price high for the two days. This can be observed in the price action of the past two weeks.
However, if the prices move past the support and resistance levels of $0.0600 and $0.0761, my sideways market analysis will be invalidated. Instead, it will indicate a likelihood of a bearish trend for $0.0600 and bullish for prices moving past $0.0761 price levels.