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The FC Porto Fan Token ends a three-month-long wedge pattern on a bullish note with a breakout from the downsloping trendline. Thus, this bullish breakout triggers a directional rally offering growth potential in the near term. Moreover, this bull run pierced a horizontal resistance of $5.85, providing an entry opportunity for side-lined buyers.
Key Points:
- The possible retest to the breached $5.85 resistance will validate whether the breakout is genuine.
- A bullish crossover between the 20-and-50-day EMAs may attract more buyers in the market.
- The 24-hour trading volume in the FC Porto Fan Token coin is $72.3 Million, indicating a 45% loss.
Source-Tradingview
Over the past three months, the FC Porto Fan Token price steadily fell under the influence of a falling wedge pattern. Furthermore, the several retests to the pattern’s downsloping trendline indicated the traders strictly followed the technical setup, which should significantly impact future prices.
Furthermore, the PORTO price has shown significant growth this week as the FIFA world cup 2022 draws closer. Despite the sluggish behavior of the largest cryptocurrency, Bitcoin, the fan token rose 73% in the last three days.
Moreover, on November 15th, the FC Porto Fan Token price gave a massive breakout from the pattern’s resistance trendline. The post-retest rally leading two green candles with a significant volume rise indicates the high momentum rally.
In addition, the altcoin currently trades at the $6.2 mark and breaches a horizontal resistance of $5.85. This breakout should offer buyers an additional footing to bolster further growth.
In a favorable bullish scenario, the wedge pattern breakout should lead the price 20% higher to hit the $7.63 mark.
On a contrary note, the bullish theory will weaken if the token price can’t sustain above $5.85.
Technical Indicator
RSI: Following an evident bullish divergence, the daily-RSI slope rising above the neutral accentuates the growth buying momentum.
EMAs: the fallfish EMAs(20, 50, and 100) incline upwards, indicating a positive switch in market sentiment. Moreover, for any possible pullback, these EMAs could offer significant support.
FC Porto Fan Token intraday price levels
- Spot price: $6.2
- Trend: Bullish
- Volatility: Medium
- Resistance level- $6.76 and $7.6Support level- $5.85 and $5.2
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