2022 FIFA World Cup: Top soccer fan tokens set to soar

One of the most popular sporting events, the FIFA World Cup, will be held in Qatar from November 20 to December 18. Even before the games begin, fan chips for some of the top teams have seen significant growth, reflecting the impact of soccer fans at such events.

Fan tokens are crypto-currencies created to give fandoms of sports teams, groups and other organizations a better experience with membership benefits such as voting rights on certain decisions, a variety of rewards, merchandise, etc.

So, for interest buyers today, we will analyze these Fan tokens for their potential growth.

Portugal National Team Token (POR)

Despite the poor market conditions, the price of the Portugal National Team Fan Token has doubled in the space of a fortnight. From a local support of $3.3, the Fan Token jumped 123% and reached a high of $7.35.

Furthermore, this bullish reversal broke through the $5.7 neckline resistance of the double bottom pattern. This bullish pattern is often located at the bottom of the market and offers a significant upside to the market value. According to the technical pattern, the potential target for this pattern is the same distance between the lower support and the neckline, drawn from the breakout point.

In addition, the token price is currently in a retest phase, and an intraday loss of 11.83% has sent it plunging to the $5.8 mark. Thus, if buyers hold above the $5.7 mark, the post-retest rally could push the price up 37.5% to $8.

Argentina National Team (ARG) Token

The Argentina National Team Fan Token features similar action to the POR Fan Token, forming a double bottom. As a result, the Fan token has seen 120% growth, with the price jumping 4.2 supports to a high of $9.25.

On November 17, the ARG price made a bullish breakout from the $7.6 neckline resistance to $7.42. Today, the token is trading at $7.7, with an intraday rise of 10.62% to retest the broken resistance.

If buying pressure persists, the altcoin is expected to rise 40% to $10.85.

Note- A daily candle closing below the reversed neckline support will weaken the bullish thesis for the aforementioned POR and ARG tokens.

Brazil National Team Token (BFT)

On November 10, the price of the Brazil National Team Fan Token rebounded from the psychological support of $0.5. This bullish turnaround has seen the price jump 111% in the last 10 days, where it has reached the $1 mark.

The gradual increase in volume during this recovery indicates sustained buying from trades that have also recovered the slopes of the 20- and 50-day EMAs.

However, BFT is currently trading at $1, defying the combined resistance of $1.07 and the resistance trendline. Recovered EMAs should encourage buyers to move above the mentioned resistance.

A bullish break of this resistance will encourage a 40% price rally toward the $1.4 mark. Instead, the price of BFT will remain under threat until the upper resistance is intact.