The FIFA World Cup in Qatar is boosting the need for national team fan tokens despite the cryptocurrency bear market.
World Cup Qatar hype boosts fan token prices
These digital fan tokens are currently rallying despite the cryptocurrency market downturn, securing as much as 170% gains in the November. 10 lows. Fundamentally from the massive upward trend may be the World Cup, which is held from November. 20 to 12 ,. 18 in Qatar.
Fan tokens are cryptocurrencies which allow fans to interact with and take part in their most favorite team’s decisions. Furthermore, they’ve created new sponsorship possibilities for sports clubs and national squads outdoors of traditional revenue sources.
Here is a brief summary of the very best gainers within the fan token sector, alongside their technical outlook throughout the planet Cup.
The country National Football Team Fan Token (SNFT)
The The country National Football Team Fan Token (SNFT) become the very best gainer within the sports token section, rising 170% to some a lot of $.54 on November. 19, nine days after bottoming out at $.20.
SNFT’s outperformance versus other fan crypto tokens may reflect the Spanish football team’s greater likelihood of winning the planet Cup in 2022. However in traditional terms, Spain’s likelihood of winning the trophy is +800, meaning betting $100 would yield $800, according to Vegas Insider.
Theoretically speaking, SNFT trades in the neutral zone, as confirmed by its daily relative strength index (RSI) around 58, below its overbought threshold of 70.
Quite simply, SNFT shows possibility to continue its rally throughout the World Cup and it is cost should reflect the way the The country National Football team performs.
For example, back-to-back wins for The country may stretch SNFT’s valuation above its current level of resistance of $.538 for any potential run-up toward its record high near $.718, as proven within the four-hour chart below.
On the other hand, a pullback from $.538 might have SNFT eye a correction toward $.412, lower about 18% from today’s cost.
The country will next play Panama And Nicaragua , on November. 23 within the Group E category, adopted with a standoff against Germany on November. 28.
South america National Football Team Fan Token (BFT)
The South america National Football Team Fan Token (BFT) seems is the crypto market’s second favorite fan token. Its cost has rallied 130% in only nine days, from $.45 on November. 10 to in excess of $1 on November. 19.
South america may be the favorite to win the planet Cup this season with +350 odds in traditional betting circles, meaning a $100 bet would return $350. That could help as a simple factor behind BFT’s development in the approaching days, because of the token continues to have room to operate according to its neutral daily RSI.
By November. 19, BFT eyes an outbreak above $1.05, its current level of resistance, toward its short-term upside target around $1.16. A long rally could occur if South america wins the planet Cup on 12 ,. 18, paving the road toward $1.31, up 25% from today’s cost.
On the other hand, a pullback would risk delivering BFT toward $.82, its October 2022 support level.
Brazil’s first match is against Serbia on November. 25 in Group G, adopted with a standoff against Europe on November. 28.
Portugal National Team Fan Token (POR)
The Portugal National Team Fan Token (POR) may be the third-best artist within the ongoing fan token boom, rising about 100% to $6 on November. 19, nine days after hitting lows of $3.10.
Traditional bookies measure Portugal’s likelihood of winning the planet Cup at +1600, meaning betting $100 would yield about $1,600.
POR now tests $6 since it’s resistance, using its daily RSI near 64, just six points below its overbought threshold. A decisive pullback in the stated cost ceiling might have POR eye a correction toward $4.80, its support level from September-October 2022.
On the other hand, ongoing success on the planet Cup for Portugal may switch the scenario to bullish, leading POR above its $6-potential to deal with eye a rally toward or over $7.
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