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One of the most popular sporting events, the FIFA world cup, will be held in Qatar from 20th November to 18th December. Before the matches even began, some of the top team’s Fan tokens witnessed significant growth reflecting the impact of football fans during such events. Fan tokens are cryptocurrencies created to give fandoms of sports teams, bands, and other organizations a better experience with membership perks like voting rights on certain decisions, a variety of rewards, merchandise and etc.
Thus, for interest buyers today, we’ll analyze these Fan tokens for their potential growth.
Portugal National Team Fan Token (POR)
Source- Tradingview
Despite a sloppy market condition, the Portugal National Team Fan Token price doubled within a fortnight. From local support of $3.3, the Fan token jumped 123% and reached a high of $7.35.
Moreover, this bullish reversal breached the $5.7 neckline resistance of the double bottom pattern. This bullish pattern is often located at the market bottom and offers a significant rise in market value. As per the technical setup, the potential target for this pattern is the same distance between the bottom support and neckline, shot from the breakout point.
Furthermore, the token price is currently in a retest phase, and an 11.83% intraday loss plunged it to the $5.8 mark. Thus, if the buyers sustain above the $5.7 mark, the post-retest rally could drive the price 37.5% higher to hit $8.
Argentine Football Association Fan Token(ARG)
Source- Tradingview
The Argentine Football Association Fan Token shows a similar price action to that of the POR fan token, forming a double bottom pattern. Thus, the Fan token registered a 120% growth as the price jumped $4.2 support to a high of $9.25.
On November 17th, the ARG price gave a bullish breakout from the $7.6-$7.42 neckline resistance. Today, the token currently trades at $7.7, with an intraday of 10.62% to retest the breached resistance.
If the buying pressure persists, the altcoin should rise 40% higher to hit $10.85.
Note- A daily candle closing below the neckline flipped support will weaken the bullish thesis for the aforementioned token POR and ARG.
Brazil National Team Fan Token (BFT)
Source-Tradingview
On November 10th, the Brazil National Team Fan Token price rebounded from the $0.5 psychological support. This bullish reversal surged the price 111% high in the last ten days, where it hit the $1 mark.
The gradual rise in volume during this recovery indicates sustained buying from trades which also reclaimed the 20-and-50-day EMA slopes.
However, the BFT price currently trades at $1, challenging the combined resistance of $1.07 and the resistance trendline. The reclaimed EMAs should bolster buyers to surpass the mentioned resistance.
A bullish breakout from this resistance will encourage a 40% price rally to the $1.4 mark.
On a contrary note, the BFT price will remain under threat until the overhead resistance is intact.
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