The FIFA world cup, one of the most popular sporting events in the world, will be held from 20th November through 18th December in Qatar. Some of the top teams’ Fan tokens saw significant growth before the matches began. This is a reflection of the impact of football fans during such events. Fan tokens are cryptocurrencies that allow fandoms to be rewarded with cryptocurrency.
CoinGape’s first post, FIFA World Cup 2022: Top Football Fan Coins Ready To Skyrocket appeared on CoinGape.
The FIFA world cup, one of the most popular sporting events in the world, will be held from 20th November through 18th December in Qatar. Some of the top teams’ Fan tokens saw significant growth before the matches began. This is a reflection of the impact of football fans during such events. Fan tokens are cryptocurrencies that provide fandoms with perks such as voting rights, merchandise, and other perks.
For interest buyers, we’ll analyze Fan tokens today for their potential growth.
Portugal National Team Fan Token
Despite a poor market environment, the Portugal National Team Fan Token’s price doubled in a fortnight. The Fan token rose 123% from $3.3 local support and reached $7.35.
This bullish reversal also broke the $5.7 neckline resistance to the double bottom pattern. This bullish pattern is often found at the market bottom and can lead to a significant increase in market value. Technically, the target for this pattern is the same distance as the neckline and bottom support, shot from the breakout point.
The token price is currently in a test phase and a 11.83% intraday drop plunged it to $5.8. If the buyers can sustain above the $5.7 mark, then the post-retest rally might drive the price 37.5% higher towards $8.
Argentina National Team Fan Token
The Argentina National Team Fan Token has a similar price action as the POR fan token. This creates a double bottom pattern. The Fan token saw a 120% increase in price as it jumped $4.2 support to $9.25.
The ARG price made a bullish breakout of the $7.6-$7.42 neckline resistance on November 17th. Today, the token trades at $7.7 with an intraday of 10.62% in order to retest the breached support.
If the buying pressure continues, the altcoin will rise 40% to $10.85.
Note: A daily candle closing below neckline flipped support on a daily basis will weaken bullish thesis for the token POR or ARG.
Brazil National Team Fan Token (BFT)
The Brazil National Team Fan Token price recovered from its psychological support of $0.5 on November 10th. This bullish reversal drove the price 111% higher in the last ten trading days, to $1.
This recovery has seen a gradual increase in volume, which indicates that traders have continued to buy from trades that also reclaimed the 20- and 50-day EMA slopes.
The BFT price is currently trading at $1, which is below the combined resistance of $1.07, and the resistance trendline. Buyers should be able to overcome the resistance due to the reclaimed EMAs.
A bullish breakout of this resistance will lead to a 40% price rise to $1.4
Contrary to popular belief, the BFT price is still at risk until the overhead resistance is removed.
About the author
The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.