- Theta Fuel could spike to $1 before the staking launch.
- TFUEL 30% rally in 24 hours unabated, riding on positive investor sentiment.
Theta Fuel, a blockchain video streaming platform, has continued to rally unbothered by the bear cycle in the market since mid-May. As new milestones are achieved, investor sentiment improves. Speculation levels seem to be blowing off the roof, especially with key protocol development features launching by the end of June.
Theta Fuel staking and mainnet launch countdown
According to the official Theta Fuel, the much-awaited staking feature will debut in precisely 21 days. The staking will execute on the Theta mainnet 3.0, scheduled to launch on June 30. The Elite Edge Nodes will also kick off on the same date. Currently, internal testing is underway as developers work to ensure a flawless transition.
Theta Fuel technical levels align for the ultimate liftoff to $1
Theta Fuel is trading at $0.65 at the time of writing. According to data by CoinGecko, TFUEL is up over 30% in 24 hours. These gains can be attributed to the upcoming development milestones. Staking will allow investors to earn interest on their tokens while helping to secure the network. Hence, the positive investor sentiment causing an upswing in demand for the token.
The daily chart highlights a robust bullish outlook. According to the Moving Average Convergence Divergence (MACD) indicator, the bullish trend is far from over. In addition to the indicator rising higher above the zero line, the MACD line (blue) widens the gap above the signal line, thus adding weight to the upswing.
TFUEL/USD daily-hour chart
A break above $0.8 will bring Theta Fuel closer to the $1 market. The Relative Strength Index (RSI) affirms the bullish grip after hitting the overbought region. It is worth noting that the uptrend continues with overbought conditions notwithstanding.
Meanwhile, it essential to tread carefully, especially with the overbought conditions prevailing. Besides, resistance is expected at $0.8, and if not broken, a trend correction may occur before the mainnnet launch on June 30. On the downside, support can be anticipated at $0.4 and $0.2, respectively.