Brazil, Portugal, Spain Fan Tokens Provide Trading Opportunities in the FIFA World Cup

The fan tokens of Brazil, Portugal and Spain all experienced volatility during the world cup matches of their national teams. The volatility was present in both directions.

The 2022 FIFA World Cup is being held in Qatar between Nov. 20 and Dec. 18. One of the event’s main sponsors is Chiliz (CHZ), a fan token platform.

An interesting development is the fact that the price of national team fan tokens is responding to the results of the respective teams.

This was especially visible in the case of the Argentine Football Association Fan Token (ARG). After Argentina lost 2-1 to Saudi Arabia, the token dropped by nearly 30%.

With that in mind, we will analyze the price of the Brazil, Portugal and France Fan Tokens and determine if they are reacting to their teams’ results.

Brazil Fan Token Creates Triple Bottom Pattern

The Brazil Fan Token (BFT) is trading inside the $0.48 horizontal support area, creating a triple bottom pattern. Besides being a bullish pattern, the triple bottom is combined with bullish divergence in the RSI (green line). 

Moreover, the BFT price bounced on Nov. 22 and created a bullish engulfing candlestick (green icon). These are bullish signs suggesting the price is expected to move upwards.

If the Brazil Fan token price breaks out from its descending resistance line, it could increase to $0.70. However, a close below $0.48 would indicate that the trend is bearish instead. 

It is worth mentioning that while the Brazil national team won 2-0 in their group stage match against Serbia on Nov. 24, the price actually reacted negatively to the win and fell by nearly 7%.

Portugal Fan Token Experiences Volatility

Since the captain of the national team is Cristiano Ronaldo, it makes sense that the Portugal Fan Token (POR) receives considerable attention. The POR price is currently trading above the $4 support area. This is a crucial level, a breakdown below which could accelerate the rate of decrease. Conversely, a bounce could lead to an upward movement towards the next resistance at $6.40.

Therefore, whether the POR price closes below it, or bounces will likely determine the direction of the future trend.

Unlike the case of the Brazil Fan Token, the POR price experienced considerable volatility between 17:00 – 19:00 CET, during which time the Portugal national team won 3-2 against Ghana. The POR price created a long upper and lower wick with magnitudes of nearly 9%. However, the end result was a negligible price difference relative to the beginning of the game.

Spain Token Fall to New Monthly Low

The Spain national team fan token has decreased below a descending resistance line since Nov. 19. The downward movement led to a new monthly low price of $0.21 on Nov. 25. 

Currently, there are no bullish reversal signs in place. The RSI is decreasing, is below 50, and has not generated any bullish divergence. As a result, the continuation of the downward movement is the most likely scenario. 

If by any chance a breakout occurs, the closest resistance area would be at $0.36. This is created by the 0.382 Fib retracement resistance level and a horizontal resistance area.

The Spain national team played their World Cup match on Nov. 23. Even though they won 7-0 against Costa Rica, the SNFT price actually fell by nearly 30% during the game. The drop continued during the next 24 hours, taking SNFT close to a new all-time low.

For BeInCrypto’s latest crypto market analysis, click here.

Disclaimer: BeInCrypto strives to provide accurate and up-to-date news and information but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

The post Brazil, Portugal, Spain Fan Tokens Provide Trading Opportunities in the FIFA World Cup appeared first on BeInCrypto.

Related Posts

Digital identity platform integrates with zkSync for on-chain KYC

RNS.ID’s on-chain KYC solution is designed on a “privacy engine” to encrypt users’ data., a digital Web3 identity platform developed to support the application and issuance…

European Central Bank blasts Bitcoin —community responds

After the European Central Bank released a blog post on the shortcomings of Bitcoin, the crypto community on Twitter took to the comments to defend the cryptocurrency….

Ukraine to launch CBDC to fight crisis – Will it be based on Stellar Lumens?

Ukraine plans to make its Stellar-based CBDC to support retail cryptocurrency payments.  Stellar has also been partnering with other countries to develop their CBDCs. The National Bank…

Should you start your crypto trading journey?

Interest in digital currencies has increased considerably during the last couple of years, so the vast world of cryptocurrencies lures more and more individuals. Though, there are…

Cardano partners with 2 industry leaders in Web3 – Will it drive ADA price to $2?

Cardano’s commercial arm EMURGO announced investments in OAK Network and SubQuery protocol to expand its footprint in the Web3. The total number of smart contracts built atop…

Bitcoin, Ethereum Technical Analysis: BTC Moves Above $17,000 on Wednesday

Bitcoin moved to $17,000 on Wednesday, as markets continued to digest the U.S. consumer confidence report. Confidence amongst consumers fell to its lowest level since July, despite…

Generated by Feedzy