Several Fan tokens saw huge gains last week as the FIFA World Cup dates closed. During this sudden bull run, Fan tokens for some of the most popular football teams, namely the Portugal (POR) Fan Token and the Argentina (ARG) Fan Token, more than doubled. These crypto coins are currently in a correction phase due to the increasing selling pressure in crypto markets.
The post FIFA World Cup 2022: Portugal ($POR) VS Argentina ($ARG). Who would win? CoinGape was the first to publish this article.
Several Fan tokens saw huge gains last week as the FIFA World Cup dates closed. During this bull run, some of the most popular football teams, namely the Portugal (POR) Fan Token and the Argentina (ARG), doubled in value.
Despite the fact that these crypto coins are currently experiencing a correction phase due to the increasing selling pressure, we will use technical analysis to determine their potential growth.
Portugal National Team Fan Token
The Portugal National Team Fan Token, (POR), surged 122% higher at $7.4 on November 10, after it retreated from the $3.3 support. This bullish recovery also broke through the $5.63 swing high resistance, giving buyers a strong foundation to extend the price rally.
A significant correction in POR prices was triggered by the post-rally retracement, and increased selling pressure in crypto market. The fan token dropped 41.4% over the past four days and fell below the combined support level of $4.6 and 0.6618 Fibonacci levels.
If the daily candle closes below $4.6, the support breakdown will encourage further fall to $4 psychological support.
The daily candle’s lower price rejection suggests that buyers are trying to regain control of the trend. The buyers may attempt to regain more ground if the coin price remains above $4.6 by the day’s end.
Argentine Football Association Fan Token (ARG)
The ARG price rose from $4.26 to $9.25 during the recovery phase of Fan tokens. This bull run reached 117.5% and broke through a critical resistance of $7.6-$7.4.
The buyers were unable sustain above the breached resistance and the market crashed to $7.4 marks. This fake breakout scenario should increase selling pressure and cause the price to fall below $5.8.
Contrary to popular belief, the long-rejection candle rose from $5.83 to $5.83, which indicates that buyers are protecting this support. If the coin price holds above the support, a possible bullish reverse could encourage buyers to reclaim $4.6.
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