Theta Fuel (TFUEL) coin is trading in an extremely bullish cycle as the price action is up more than 30% in today’s trading session.
Fundamental analysis: Strong interest in crypto startups continues
Strong interest in companies that offer crypto-related solutions has continued into 2021 with the crypto custody provider Fireblocks secured $133 million in a new financing round led by Coatue Management. After the latest round, Fireblocks’ total funding now stands at $179 since its launch in 2018.
“We became a sort of a big piece of the market infrastructure,” said Michael Shaulov, chief executive of Fireblocks.
“We now have over 230 clients, all the big institutions, and we need to guarantee to them our financial stability and the fact that we will remain independent.”
BNY Mellon, the largest custodian bank in the world, also took part in this round. It’s important to note that BNY Mellon is also one of Fireblocks’ clients. The two groups are reportedly collaborating to develop the bank’s Bitcoin custody product.
Apart from Coatue, the funding was also headed by Ribbit Capital and Stripes. Other participants in Series C included existing investors Paradigm, Galaxy Digital, Swisscom Ventures, Tenaya Capital and Cyberstarts Ventures.
The acquisition of crypto firms by fintech companies could become a trend this year, according to analysts. Furthermore, custody providers, which enable the secure storage and transfer of crypto assets on behalf of major investors are also gaining exposure as Wall Street giants fight to bring crypto products to their clients.
Higher interest in crypto companies is also yielding more media space for smaller projects and startups, such as Theta Fuel. The platform’s importance has become apparent to many crypto investors as it is fueling payments transactions and deploying smart contracts. In essence, TFUEL can be seen as the operational token of the Theta protocol.
Technical analysis: Up 450% in the past 3 weeks
Theta (TFUEL) price is trading above the $0.50 mark for the first time ever after an impressive bullish run that is currently taking place in March continues to push the coin’s market capitalization higher. In February, TFUEL exploded 230%.
TFUEL daily chart (TradingView)
Today, TFUEL price is up over 30% to print a new record high above the $0.54 mark. The price action stopped here as this area hosts the 127.2% Fibonacci extension line, which acts as a first resistance line higher.
The second target is $0.60, where the 161.8% Fibonacci line is located. On the downside, the former all-time high around the $0.48 handle will act as intraday support.
TFUEL price has continued to move higher in an impressive bull cycle that has seen the price soar 450% in March.