FIFA World Cup 2022: Will Spain’s Victory Lead Fan Token($SNFT) to $0.543?

FIFA fans eagerly await Spain vs Costa Rica match scheduled for 11 a.m. EST today. Anyhow, these matches can significantly impact the Fan token market and offer sufficient volatility for interested investors. Thus, today we’ll analyze the Spain National Fan Token chart, which reflects the formation of a well know bullish pattern called a double bottom pattern.

Key Points:

• The Spain National Fan Token chart shows bullish reversal signs at $0.261
• A bullish divergence in the daily-RSI chart increases the possibility of a bullish recovery.
• The 24-hour trading volume in the Spain National Fan Token coin is $834,933, indicating a 98% gain.

Source-Tradingview

The Fan token market turned quite volatile days before the FIFA world cup even started. As a result, one of the popular team’s Fan tokens, i.e.,- SNFT(Spain National Fan Token) witnessed a sideways price action for the past three weeks.

Amid this consolidation, the SNFT price retested the horizontal levels of $0.543 and 0.261 twice, accentuating a range-bound rally. Furthermore, the coin price has been a losing steak for the past five days, dropping from the $0.543 to the $0.26 mark.

However, the daily chart shows a long-lower price rejection candle which keeps the Spain National Fan Token price above the $0.35 support. Thus, this long-tail rejection indicates the rising bullish momentum and a high possibility for price reversal.

Thus, a potential reversal from this support will draw a double bottom pattern in the daily time frame chart. This bullish reversal pattern is quite famous for triggering a direction bull run upon the breakout of its neckline resistance. 

Thus, the Spain National Fan Token could gradually rise to a $0.5427 neckline under the influence of a bullish pattern. An upside breakout from this resistance will bolster the price rally.

Technical Indicator

Relative strength index: the daily-RSI slope shows an evident bullish divergence, supporting a bullish reversal from the $0.26 support.

EMAs: the flattish EMAs(20 and 50) accentuate a sideways trend and could stall the rising prices at the $0.41 mark.

Spain National Fan Token Intraday Price Levels

• Spot price: $0.355
• Trend: Sideway
• Volatility: High
• Resistance level- $0.41 and $0.48
• Support level- $0.346 and $0.26