As the FIFA World Cup dates were closing, several Fan tokens witnessed massive gains last week. Thus, some of the most followed football teams,i.e., the Portugal(POR) and Argentina(ARG) Fan Token, doubled during this sudden bull run.
Though with the rising selling pressure in the crypto market, these crypto coins are experiencing a correction phase, we’ll use the technical analysis to determine their potential growth.
On November 10th, the Portugal National Team Fan Token (POR) bounced back from the $3.3 support and surged 122% higher to $7.4. Moreover, this bullish recovery breached the last swing high resistance of $5.63, offering a strong footing for buyers to extend the price rally.
The post-rally retracement and increasing selling pressure in the crypto market triggered a significant correction in POR price. Over the past four days, the fan token has dropped 41.4% and plunged below the combined support of $4.6 and 0.618 Fibonacci retracement level.
If the daily candle closes below the $4.6 floor, the support breakdown will encourage further downfall to $4 psychological support.
However, the lower price rejection attached to the daily candle suggests the buyers are trying to regain trend control. If the coin price sustains above the $4.6 mark by the day ends, the buyers could attempt to regain higher ground.
During the recovery phase in Fan tokens, the ARG price jumped from the $4.26 to $9.25 mark. This bull run registered 117.5% and breached a crucial resistance of $7.6-$7.4.
However, the buyers were unable to sustain above the breached resistance, resulting in a massive breakdown from the $7.4 mark. This fake breakout scenario should accelerate the selling pressure and plunge below $5.8.
On a contrary note, the long-rejection candle rebounded from $5.83, indicating the buyers are defending this support. Thus, if the coin price sustains above the aforementioned support, a possible bullish reversal could encourage buyers to reclaim the $4.6 mark.
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