Starting today (December 3), the FIFA World Cup matches will begin with the round of 16, with a clash between the Netherlands and the United States. As a result, the soccer fan token market continues to expect high volatility and may offer trading opportunities when the associated team plays.
Today’s article will analyze Top Fan tokens to predict their value in the near future.
Fan token of the Argentinean soccer federation(ARG)
The price of the Argentina Football Association Fan Token is showing the formation of a megaphone pattern on the daily time frame chart. This continuation pattern has the ability to trigger a directional rally once the price breaks one of its divergence trend lines.
Over the past five years, the price of ARG has moved sideways above the combined $3.5 support and support trendline. In addition, on December 2, a long-tail rejection candle at these aforementioned supports indicates that buyers are attempting to defend these supports.
In addition, a bullish divergence in the 4-hour RSI chart is accentuating the increasing buying pressure at these lower levels. Thus, a potential support level could push the price of ARG up 22.2% to the $4.6 mark.
Conversely, a daily candle closing below the support trendline will extend the ongoing decline.
Token of the Portuguese national team (POR)
On November 28, the Portugal National Team Fan Token(POR) broke out massively from the monthly support of $3.35-$3.3. The post-retest rally plunged prices by 11% to the current price of $2.9.
Earlier in the day, this Fan token traded in the green and posted a 6% jump. However, increased selling pressure is evaporating all of the gains, resulting in a 1.39% loss at press time. This higher price rejection indicates that sellers are aggressive at higher levels, and the ROP price may continue to decline.
Thus, with sustained selling, a break below $2.8 will intensify the selling momentum and drive the price to the psychological $2.5 mark.
Brazil National Football Team (BFT) Token
The price of the Brazil National Football Team Fan Token experienced an aggressive drop after losing the last support of $4.5. From this breakout point, the Fan Token dropped 55% in one week and plunged to its current price of $0.196.
However, today, the price of BFT is up 4% and is attempting to bounce off the $0.16 support with a high volume spike. In addition, the daily RSI has dipped into the oversold region, indicating that selling activity has extended.
This development could trigger a minor relief rally to retest the $0.3 and $0.447 horizontal levels as potential resistance.