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Theta Fuel, Post Record Weekly Gains Amid Stalled Rally in the Crypto Market

At the time of writing this report, the digital asset was trading at $0.48 with a daily trading volume of $108 million. Theta Fuel is up 9% for the day. The Crypto asset currently has a market value of about $2.56 billion.

Recent chart patterns reveal Theta fuel uptrend is still on course taking to account its record high buying pressures since the ending February remains intact.

In addition, price patterns further postulate the crypto asset is expected to test the upper resistance levels around $0.54 without drifting lower to support levels pegged around the price band of $0.35

TFUEL is a utility token and also acts as a gas token, on the Theta blockchain functions as a decentralized video and data delivery.

This means that it best described as the lifeline of the Theta blockchain, such as payments to relayers for sharing a video stream, fees associated with transacting nonfungible tokens, and for deploying and interacting with smart contracts.

The company also pointed to the ultra-low transaction fees on its native blockchain and lightning-fast execution as key fundamentals behind its increasing adoption.

“Our proof-of-stake protocol purpose-built for media becomes even more important as the cost of minting and transacting NFTs on Ethereum,” according to Theta Labs.

The digital asset is traded on leading Crypto exchanges like Coinbase and is usually bought indirectly as investors must possess an Ethereum or Tether to trade with it.

Investors are banking on the crypto assets for more return on investments after Google the owners of the world’s most valuable search engine some months ago joined the likes of Gumi Cryptos, Binance, and Blockchain Ventures, as external enterprise validators that propose and confirm new blocks on the Theta blockchain.