Amid the ongoing FIFA matches, the Fan tokens have witnessed significant volatility in the past few days. Though the core benefit of owning these tokens is to enrich the relationship between fans with their following clubs and organizations, some football enthusiasts could also benefit from the current volatility to take profitable trades.
Thus, today we will analyze some of the top fan tokens associated with the famous football club.
AC Milan Fan Token(ACM)
The AC Milan fan token has been in a steady correction for the past three months under the influence of a falling channel pattern. The price action has retested the downsloping trendlines multiple times, indicating the traders are actively following this pattern.
In theory, this bullish continuation pattern should eventually lead to a significant bull run once the price breaks the resistance trendline. Moreover, a bullish divergence in the daily RSI reflects the growth in underlying bullishness, bolstering the possibility of a trendline breakout.
This potential breakout may offer a near-term target of $3.5, registering 37.5% gains.
Having said that, completing the channel pattern should lead to a price rally to the initial swing high. Thus, the peak target for this pattern could drive prices to the $5.3 mark.
FC Porto Fan Token(PORTO)
In response to rising bearish sentiment in the crypto market, the fan tokens experienced a considerable correction in the near term. As a result, the rising FC Porto fan token price was revered from the $6 psychological resistance and plunged to $4.18 support in the last five days.
This V-top reversal registered a 31% fall and plunged the PORTO price to its current price of $4.3. However, with sustained selling, the altcoin is poised for further losses of 20% to retest the bottom support trendline
However, the diminishing volume during this downfall indicates a temporary downfall in PORTO price. The rising support trendline may replenish the bullish momentum and trigger a new bull cycle. Moreover, an evident bullish divergence in the daily RSI chart also accentuates a high possibility for a bullish reversal.
Thus, this development could drive PORTO prices to the near target of $5.2.
AS Roma Fan Token(ASR)
The AS Roma fan token price follows the same parallel channel pattern as that of the ACM price. From the top of the $5.5 mark, this pattern led to a downfall to $2, accounting for a 62% loss.
Furthermore, the ASR price recently faced a bearish reversal from the falling trendline on November 19th. This downfall tumbled the prices by 16.5% to reach its current price of $2.48. Moreover, if the selling persists, the Fan token will drop below the last swing low of $2 and retest the pattern’s support trendline.
Having said that, interested investors looking for an entry opportunity should wait for a breakout above the resistance trendline. This breakout could lead the ACM price to the $5.5 mark in favorable conditions.
- fifa world cup 2022
