The fan tokens of Brazil, Portugal and Spain experienced volatility during the matches of the FIFA World Cup Qatar 2022. The volatility was present in both directions.
The 2022 FIFA World Cup will be held in Qatar between November 20 and December 18. One of the main sponsors of the event is Chiliz (CHZ), a platform for fan tokens.
An interesting development is the fact that the price of fan tokens of the national selection is responding to the results of the respective teams.
This was especially visible in the case of the fan tokens of the Asociación del Fútbol Argentino (ARG). After Argentina lost 2-1 to Saudi Arabia, the token fell almost 30%.
With that in mind, we will analyze the price of fan tokens from Brazil, Portugal and France and determine if they are reacting to the results of their teams.
El fan token de Brasil crea un patrón de triple fondo
El fan token de Brasil (BFT) is trading within the horizontal support area of 0.48 dollars, creating a triple fund pattern. In addition to being a bullish pattern, the triple fund combines with a bullish divergence in the RSI (green line).
In addition, the price of BFT rebounded on November 22 and created a bullish enveloping candle (icono verde). These are bullish signals that suggest that the price will go down.
If the price of Brazil’s fan token is sold from its line of resistance descending, it could increase to 0.70 dollars. Sin embargo, a close below 0.48 dollars would indicate that the tendency is bearish.
It is worth mentioning that, although the Brazilian team won 2-0 in its group stage match against Serbia on November 24, the price actually reacted negatively to the victory and fell by almost 7%.
El fan token de Portugal experiences volatility
Given that the captain of the national team is Cristiano Ronaldo, it makes sense that the Portugal Fan Token (POR) receives considerable attention. The price of POR is currently under the support area of 4 dollars.
This is a crucial level, a rupture under which it could accelerate the rate of fall. Conversely, a rebound could lead to an upward movement towards the next resistance at 6.40 dollars.
Por lo tanto, if the price of POR closes below it or if it rebounds, it will probably determine the direction of the future trend.
Unlike Brazil’s fan token case, POR’s price experienced considerable volatility between 17:00 and 19:00 CET, the time during which Portugal’s national team won 3-2 against Ghana.
El precio de POR created a mecha larga superior e inferior con magnitudes cercanas al 9%. Sin embargo, the final result was an insignificant price difference in relation to the beginning of the game.
El fan token de España falls to a new monthly minimum
El fan token de la selección española has fallen below a line of downward resistance since November 19. The downward movement led to a new minimum monthly price of 0.21 dollars on November 25.
Currently, there are no bullish reversal signs in your area. The RSI is decreasing, it is below 50 and has not generated any bullish divergence. As a result, the continuation of downward movement is the most probable scenario.
If by chance a rupture occurs, the nearest area of resistance would be at 0.36 dollars. This is created by the Fib retracement resistance level of 0.382 and a horizontal resistance area.
The Spanish national team played its World Cup match on November 23. Although they won 7-0 against Costa Rica, the price of SNFT fell almost 30% during the match. The fall continued during the following 24 hours, bringing SNFT to a new historical minimum.
To see the last analysis of the market: crypto: de BeInCrypto, click here.
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