As the FIFA matches continue, the fan token market remains volatile, offering enough trading opportunities for crypto traders. Thus, with the upcoming matches of Portugal vs. Ghana and Brazil vs. Serbia, their respective fan tokens are expected to attract more attention from investors.
Today, we will analyze Portugal National Team Fan Token (POR) and Brazil National Football Team Fan Token(BFT) in the daily chart for the potential future target.
Portugal National Team Token (POR)
The recent correction phase of the Fan Tokens market has seen the price of the Portugal National Team Fan Token (POR) fall from $7.37 to $4.32. This V-shaped reversal caused the price to fall 37.3%, after which the price retested the 0.618 Fibonacci retracement level.
Over the past few days, the daily chart has shown several doji candles at the $4.32 support level, suggesting that the bearish momentum has been exhausted. However, buyers have tried to take the lead in this uncertainty but have failed to break above $5.2.
As a result, the price of the Portugal National Team (POR) token is currently trading at the $4.7 mark and continues to oscillate in a narrow range of $5.2 to $4.62. However, with higher volume in today’s red candle, the price of POR is more likely to break support at $4.62.
This break could send prices plunging 15% towards the psychological support of $4.
Token of the Brazilian national soccer team (BFT)
In response to the descending trend line, the Brazil National Football Team Fan Token has been in a downtrend for the past two months. On November 24, the Fan Token experienced its latest trend reversal from the resistance line, which caused the price to drop 38% to its current price of $0.64.
This drop, supported by sustained volume, indicates strong bearish momentum, extending the ongoing decline. With sustained selling, the Brazil National Football Team Fan Token (BFT) could fall 27.3% to support at $0.45.
Thus, until the resistance trend line is intact, the price of BFT will remain in a downtrend.
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