The Football fan token market continues to witness aggressive selling from traders, resulting in a heavy downfall in the last two weeks. However, owing these Fan tokens continue to benefit the superfans with unique rewards concerning their favorite team. Moreover, the Fan token may witness higher volume and volatility on a particular day if the associated team has its match.
Today, we’ll analyze the daily chart of the Portugal National Team Fan Token (POR) and Brazil National Football Team Fan Token(BFT) for their potential future targets.
The Portugal National Team Fan Token (POR) has dropped steadily over the past two weeks. During this downfall, the token price loses nearly 55% from the last swing high resistance of $6.52 and currently trades at $2.95.
Moreover, the falling price breached the last swing low of $3.125 on December 1st, suggesting the sellers are confident for reached lower levels. However, the daily candle shows long-tail rejection and reduced trading volume, indicating the bearish momentum has been exhausted.
Thus, it is well likely the Fan token price will revert higher to retest the breached resistance. If the POR price manages to sustain below the $3.3-$3.125 support zone, the replenished bearish momentum will prolong the downfall to the $2.5 mark.
Alternatively, daily closing above the $3.3 mark will undermine the bearish thesis.
The ongoing downfall in Brazil National Football Team Fan Token(BFT) breached multiple support levels to reach its current price of $0.187. Moreover, a bearish backed by strong volume and a 22% intraday fall reflects the traders are aggressively selling with a firm belief to reach lower levels.
With sustained selling, the Fan token price may plunge to the psychological support of 0.15.
However, the relative volume decreased during the downfall, indicating the bearish momentum is gradually weakening. This volume action bolsters the possibility of a bullish reversal which may revisit the overhead trendline.
Thus, the bear trend will resume until the BFT price remains below the resistance trendline.
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