TFUEL Drops 25% in August – Ready for a Breakthrough?

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Is Theta Fuel out of gas?Sonik Presale emerges as an alternative Related

The price of Theta Fuel (TFUEL) has had two significant drops this year, but other than that, the token has put in a strong performance. The last of the two dips occurred in August, when the price fell more than 25% in less than a month.

Initially, the price only fell from USD 0.043 to USD 0.039, and while the USD 0.040 level formed a strong resistance, the token has been trading sideways for two weeks.

Many of the holders decided to hold on to the token, believing it would get the boost needed to break the USD 0.040 barrier and move back up.

However, after Bitcoin led the market down on August 17, TFUEL quickly followed suit. It moved away from the resistance at USD 0.040, dropped to USD 0.032 and found a new bottom just above the support at USD 0.030.

Over the past ten days, the token has been moving up and down from this level at the bottom to a new resistance at $0.035, with steady swings.

Analysts continued to point to opportunities for those willing to take the risky step of purchasing the token. One of them pointed out that the risk is over 800 times greater, but the chart looked promising.

In the past week alone, it moved from $0.0325 to $0.0340. However, early this week, the price plunged back to $0.0325, and at the time of writing, it just broke this level, moving deeper down.

The price is currently at $0.0323, after falling more than 3.5% in the past 24 hours. The new bearish wave has the token in its grip and threatens to slide further down.

Is Theta Fuel out of gas?

After its recent unimpressive performance, some have speculated that Theta has reached its limit for now and is running out of gas. The strong performance during the summer is due to the launch of the Thea Video API, which appeared on June 15.

The API introduced a Billing Dashboard, which made Theta Video API emerge as a more competitive platform. It claims that developers can use the new service to build videos into virtually any app with just a few lines of code.

The update increased the price by more than 3% on the announcement day and by more than 30% in the following five weeks.

However, as of August 17, the project lost momentum, and as Bitcoin began to drag the market down, TFUEL followed suit.

Sonik Presale emerges as an alternative

While waiting for TFUEL to find its footing and begin a recovery, many have turned to Sonik (SONIK), a new meme coin that attracted market participants through its use of memes and a famous pop culture character.

Based on Sonic The Hedgehog, but with no ties to the character or Sega, Sonik is a new meme coin that aims to focus intensely on staking.

The project is currently in the middle of a pre-sale, which has already raised more than $622,000 in just a few days. Starting August 28, SONIK will go on pre-sale for $0.000014, which will continue for eight more days.

Anyone interested in buying the token can do so in exchange for ETH or USDT. The project sells 50% of the total supply, while it will be split based on staking (40%) and liquidity (10%).

Wall Street Memes – Next Big Crypto