As FIFA matches continue in full throttle, the Fan tokens market remains volatile, providing enough trading opportunities for crypto traders. Thus, with upcoming matches of Portugal s\vs Ghana at 11:00 am EST and Brazil vs Serbia at 2:00 pm EST, their respective fan token should attract more spotlight from investors.
Today, we’ll analyze Portugal National Team Fan Token (POR) and Brazil National Football Team Fan Token(BFT) in the daily chart for the potential future target.
Portugal National Team Fan Token (POR)
The recent correction phase in Fan token market dropped the Portugal National Team Fan Token (POR) price from the $7.37 to the $4.32 mark. This V-Top reversal tumbled the price by 37.3%, after which the price retested the 0.618 Fibonacci retracement level.
Over the last few days, the daily chart has shown several Doji-type candles at $4.32 support, suggesting the bearish momentum has been exhausted. However, the buyers tried to take the lead in this uncertainty but failed to surpass $5.2.
As a result, the Portugal National Team Fan Token (POR) token price is currently trading at the $4.7 mark and continues to wobble in a narrow range from $5.2 to $4.62. However, with a higher volume in today’s red candle, the POR price is more likely to break the $4.62 support.
This breakdown could plunge the prices by 15% down to $4 psychological support.
Brazil National Football Team Fan Token(BFT)
In response to the downsloping trendline, the Brazil National Football Team Fan Token has been falling for the past two months. On November 24th, the Fan token witnessed its last reversal from the resistance trendline, which tumbled the price by 38% down to reach its current price of $0.64.
This downfall, backed by sustained volume, indicates high bearish momentum, which prolongs the ongoing downfall. With sustained selling, the Brazil National Football Team Fan Token(BFT) may tumble 27.3% to hit the $0.45 support.
Thus, until the resistance trendline is intact, the BFT price will remain in a bearish trend.