Fuel Network Plummets As Traders Rush To Buy This $23M ICO

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The Fuel Network price has plummeted 25% in the last 24 hours to trade at $0.05266 as of 7:10 a.m. EST on a 415% pump in trading volume to $38 million.

This price drop comes despite Fuel’s announcement of a token airdrop starting Dec. 19 in which 10% of the total supply will be distributed to over 200,000 wallets.

The allocation includes 28% for phase-1 pre-depositors, 20% for Fuel bridge users, and 12.5% for NFT collectors, with claims open for one month.

FUEL NETWORK LAUNCHES NATIVE TOKEN, OPENS AIRDROP CLAIM, STAKING, AND DELEGATION FOR USERS

– @Fuel_network, the high-performance Ethereum L2, has made a significant move in its development after launching its native $FUEL token to the public today.

– The protocol also… https://t.co/4m8P3h0u9S pic.twitter.com/AgGr5egm3Y

— BSCN (@BSCNews) December 19, 2024

Fuel is facing bearish sentiment due to scam allegations involving discounted sales, and reliance on escrow-only transactions that highlight trust issues.

Additionally, skepticism about its competitiveness compared to stronger projects like Ethereum and Solana, combined with unfavorable market conditions, has further dampened investor confidence, leading to concerns about its future viability.

Fuel Network Price May See An Uptrend

The FUEL/USD chart on the 5-minute timeframe indicates a sharp upward price movement, followed by a sharp pullback. FUEL is currently trading at $0.05722, reflecting a 3.54% decline from its recent high.

The price action suggests that the token experienced a parabolic curve pattern, often signaling aggressive buying interest that can lead to temporary overextensions.

The support level is established near $0.045, where the price consolidated before breaking out. This level is crucial as it marks the base of the parabolic movement and could serve as a strong area of buying interest if the price retraces further.

Fuel Network price

FUELUSD Analysis Source: Dextools.io

The RSI (14) stands at 65.15, indicating bullish momentum but showing signs of potential overbought conditions. A move below 70 on the RSI suggests that the immediate buying pressure might be easing, aligning with the recent price pullback.

The MACD appears to reflect bullish momentum, with the signal line and MACD line above the zero level. However, the gap between these lines seems to be narrowing, hinting at weakening momentum.

The Fuel Network price is trading near the 50-MA, which could act as dynamic support in the short term. If the price holds above the $0.055 level, a retest of the recent high around $0.0606 is possible. Conversely, a break below $0.055 could lead to further downside, potentially testing the $0.045 support zone.

Crypto All-Stars Heads For $24 Million – Only 8 Hours Left!

As the Fuel network price dumps, investors are rushing to buy Crypto All-Stars (STARS), a meme coin staking project that has amassed over $23.6 million in presale, making it one of the most successful launches of the year.

Its momentum has caught the attention of ClayBro, a prominent YouTuber with over 134K subscribers, who says that STARS could potentially achieve a 10X increase in value once it launches.

Crypto All-Stars developed its MemeVault staking platform to enable users to stake multiple top-tier meme coins in once place for the first time.

After launch, it will be possible to stake 11 top meme coins, including DOGE, SHIB, PEPE FLOKI, BRETT, and MOG, and earn rewards in STARS. There also are plans to add more meme coins going forward.

STARS itself can be staked already for an impressive 148% annual yield.

The All-Stars ride to their launch in style 😉 Want to ride along?

Get your $STARS before it’s too late: https://t.co/8IZTKBdAp2 pic.twitter.com/9iOZEbkRIx

— Crypto All-Stars (@all_stars_coin) December 15, 2024