FIFA World Cup 2022: Oversold RSI Sets Relief Rally In Brazil National Football Team Fan Token(SNFT)

The Brazil National Football Team Fan Token witnessed a significant inflow today, resulting in a 13.5% rise. This sudden price jump could be backed by the excitement of the round-of-16 match happening between Brazil and South Korea. Thus, if Brazil wins today’s match, its associated Fan token-BFT, should experience more buying pressure.

Key Points:

• The recent downfall has heavily discounted the BFT prices
• The BFT daily chart shows a high possibility of a bullish reversal from $0.17 support.
• The 24-hour trading volume in the Brazil National Football Team Fan Token coin is $139.4K, indicating a 7.14% loss.

Benefits of Fan tokens

Fan tokens are cryptocurrencies created to offer a richer relationship for asset owners(fans) with their favorite club, sports team, or other organization. These tokens provide several membership perks, like voting rights on official club decisions. Free tickets for sports matches, merchandise designs, etc 

Price Analysis

Source-Tradingview

The Brazil National Football Team Fan has witnessed a directional downfall since the beginning of the FIFA world cup 2022. From the last swing high resistance of the $1.07 mark, the Fan token has tumbled 85.1% to 0.17 support.

However, such a constant downfall is unhealthy for any price trend and is usually poised for a counter-trend move. Moreover, the visible shortening of candle body size as the prices drop lower indicated the exhausted bearish momentum.

Thus, with lower price rejection candles at $0.17 support, the Brazil National Football Team Fan token could rebound and trigger a minor relief rally. 

This possible reversal could drive the price 50% higher to $0.3, followed by $0.45. 

Conversely, a daily candle closing below $0.17 will plunge the price to the $0.1 psychological mark.

Technical Indicator

RSI: the daily-RSI slope plummeted to the oversold region, accentuating the selling activity has overextended, thus, increasing the change of price reversal.

EMAs: the BFT price is far distanced from its moving averages(20 and 50), reflecting another sign that the price needs a minor bullish pullback.

Brazil National Football Team Fan Token intraday price levels

• Spot price: $0.20
• Trend: Bullish
• Volatility: Medium
• Resistance level- $0.3 and $0.45
• Support level- $0.17 and $0.1