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

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.

Source-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.

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. 

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