After a huge rally last week, the Spain National Fan Token has seen a minor pullback. This pullback should stabilize prices from aggressive buying pressure. It could eventually lead to a bullish rise to exceed $0.545. But, how far can this pullback go? Key Points: A temporary rpullback in Spain is indicated by a low volume reversal
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Brian Bollinger After a huge rally last week, the Spain National Fan Token shows a minor decline. This pullback should stabilize price from aggressive buying pressure, and eventually lead to a bullish rise to surpass $0.545. However, how far can this pullback go?advertisementKey points: A low volume reversal suggests a temporary rpullback at Spain National Fan Token (SNFT) price
The $0.4 support could be a strong launchpad for the previous rally.
The 24 hour trading volume for the Spain National Fan Token Coin is $679,520 million, which indicates a 21% loss.
Source-TradingviewDepicts a sloppy price action in market leaders Bitcoin and Ethereum, the Fan tokens witnessed a significant inflow as one of the most popular sporting events, the FIFA world cup, was closing by. The Spain National Fan Token (SNFT) price rebounded to $0.255 support on November 13. The U-shaped recovery saw a 113.5% increase and reached $0.543. The price has reverted lower over the last three days, which indicates a minor correction. This bearish pullback represents a loss of 19.5% and pushes SNFT to $0.43. Trending Stories Despite this, if the market sentiment remains bullish for Fan tokens, the SNFT will resume its prevailing recovery once it receives support from a level. Thus, the combined support of $0.4, 50% Fibonacci retracement level, and 20-day EMA slope.A potential reversal from this support will assist buyers in challenging the $0.54 resistance.On a contrary note, a breakdown below $0.4 will weaken the bullish momentum.Technical IndicatorRSI: the daily-RSI slope maintains above the neutral zone amid the ongoing correction, indicating the market sentiment remains bullish.advertisementBollinger band: the coin price moving between the indicator midline and upper band suggest the buyers influence the current price action. Spot price: $0.43
Trend: Bearish
Volatility Low
Resistance level: $0.54 and $0.73
Support level – $0.4 or $0.3
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