FIFA World Cup 2022: Pullback Opportunity Shine On Spain National Fan Token (SNFT)

Brian Bollinger
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
snft

The Spain National Fan Token shows a minor pullback after witnessing a massive rally last week. This pullback should stabilize the price from aggressive buying pressure and eventually lead to a bullish upswing to surpass $0.545; however, far may this pullback go?

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Key Points:

  • A low volume reversal hints at a temporary rpullback in Spain National Fan Token(SNFT) price
  • The $0.4 support could offer a strong launchpad to resume the prior rally.
  • The 24-hour trading volume in the Spain National Fan Token coin is $679,520 Million, indicating a 21% loss.

TradingView ChartSource-Tradingview

Depicts a sloppy price action in market leaders Bitcoin and Ethereum, the Fan tokens witnessed a significant inflow as one of the most popular sporting events, the FIFA world cup, was closing by. As a result, the Spain National Fan Token(SNFT) price rebounded from $0.255 support on November 13th. 

The U-shaped recovery registered 113.5% growth and hit the local resistance of $0.543. However, the price reverted lower in the last three days, indicating a minor correction. This bearish pullback accounts for a 19.5% loss and pushes the SNFT price to its current value of $0.43.

Having said that, if market sentiment remains bullish for Fan tokens, the SNFT price will resume the prevailing recovery once it obtains suitable support from a level. Thus, the combined support of $0.4, 50% Fibonacci retracement level, and 20-day EMA slope.

A potential reversal from this support will assist buyers in challenging the $0.54 resistance.

On a contrary note, a breakdown below $0.4 will weaken the bullish momentum.

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Technical Indicator

RSI: the daily-RSI slope maintains above the neutral zone amid the ongoing correction, indicating the market sentiment remains bullish.

Bollinger band: the coin price moving between the indicator midline and upper band suggest the buyers influence the current price action. 

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Spain National Fan Token Intraday Price Levels

  • Spot price: $0.43
  • Trend: Bearish
  • Volatility: Low
  • Resistance level- $0.54 and $0.73
  • Support level- $0.4 and $0.3
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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