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?
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.
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.
The Ethereum price remains steady near the $3,900 level after multiple failed attempts to reclaim…
Bitcoin price is hovering around $111,742, reflecting a 0.5% gain in the last 24 hours.…
Pepe coin price has remained under pressure despite renewed signals of investor repositioning in the…
HBAR price rose by 2.4% today, Oct. 24, mirroring the performance of the crypto market…
The Chainlink price has maintained steady traction near $17.6, with on-chain accumulation strengthening investor confidence.…
The Sui price has recently drawn investor interest after rebounding from a key demand zone,…