As the crypto market goes positive today, with gains between 4-15% for most major cryptos, Theta Fuel is taking advantage of the respite to hit $0.543 (TFUEL/USD). That’s a 6.43% gain over yesterday and lower than the last time we checked in with this crypto, which was just last week.
Theta Fuel Took the Crash Hard
This particular cryptocurrency token has a rough time with the recent crypto market crash. Back in early June, most of the tokens dropped to some of their lowest levels for the year. Some even fell as low as they had been in several years.
The TFUEL rate was dangerously low, falling to $0.3944. It had not been lower than that for all of 2022. Today, the rate is climbing, not quite back up to where it was before the crash at $0.6267 but getting there.
It is attempting a full recovery from the crash, and the TFUEL trade volume is high today to help push it toward that goal. With a trade volume of $25,752,625.98 over the last 24 hours, that makes for a 37.09% increase in trade for that crypto in this time period.
How Far Might TFUEL Go?
Investors are hopeful that Theta Fuel will make a full recovery, if this crypto market boom continues. There doesn’t seem to be any rhyme or reason for the increase, though, so it isn’t expected to hold.
TFUEL may continue upwards for the next few hours, but it will likely fall again before the end of the day. We don’t expect it to fall as far as it was at the bottom of the crash, down to $0.39. It may also not reach as high as $0.60 before it starts falling again.
In other words, we would advise caution when investing in this particular crypto. It does seem to be playing by its own tune when you compare its gains and losses from week to week up against major cryptos like Bitcoin. However, there is no momentum for TFUEL that is going to keep propelling it forward for very long in the current poor economic environment.
Today’s gains are likely a fluke, and the bearish trend will probably continue.