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The Argentina team is on a winning streak on both the football field and the crypto market. The ARG fantoken undermines the current bearish sentiment in the market and has shown steady growth for nearly two weeks. Furthermore, a bullish pattern in the ARG price and high hopes for the Argentina national football team should significantly impact its market value.
Key Points:
- The megaphone pattern governing the ongoing price action is the ARG price
- A retest to the breached $5.5 resistance should provide an entry opportunity for sideline traders.
- The 24-hour trading volume in the Argentine Football Association Fan Token coin is $35.7 Million, indicating a 14.68% gain.
Source-Tradingview
The Argentine Football Association Fantoken witnessed a sudden inflow since the beginning of the FIFA quarter-finals. On December 9th, the ARG price rebounded from the $2.55 mark and triggered a V-shaped recovery.
As the Argentina national football team climbed the ladder to the finals, the ARG price showed steady directional growth where it has recently breached the $5.5 resistance. This fantoken currently trades at the $5.6 mark and has registered a 115% rise within the last two weeks.
By press time, the ARG price is going through a restest phase, where it will validate if buyers could obtain sufficient footing from the breached $5.5 level. The post-retest rally would drive the prices 32.6% higher to hit the $7.5 resistance.
In addition, the daily chart shows the formation of a megaphone pattern. During this pattern, the coin price resonates between the two converging trendlines. Though this continuation pattern encourages a directional rally upon the breakout of either trendline, the current bullish sentiment for ARG increases the likeness of the overhead trendline breakout.
Thus, the ongoing bull cycle should lead this football fantoken to surpass the $9 mark and challenge the resistance trendline.
Conversely, a daily candle closing below $5.5 could weaken the bullish thesis.
Technical Indicator
RSI: the daily-RSI slope, which reflects the strength of the recent price action, has reverted from the overbought region. This means the prices try to stabilize the aggressive buying with a minor pullback(aforementioned retest phase) before resuming the bullish rally.
EMAs: the 20-and-50-day EMA nearing a bullish crossover could offer a buy signal for interested traders,
ARG intraday price levels
- Spot price: $5.67
- Trend: Down
- Volatility: Medium
- Resistance level- $6.7 and $7.5
- Support level- $5.5 and $4.5
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