The FIFA World Cup in Qatar has boosted the value of the national football team’s Fan Tokens despite the crypto bear market.
World Cup Qatar Hype Drives Fan Token Prices Up
These Digital Fan Tokens are currently on the rise despite the slump in the cryptocurrency market, securing up to 170% gains from their November 10th low. At the center of the massive uptrend is the World Cup in Qatar from November 20th until he December 18th.
Fan Tokens are a cryptocurrency that allows fans to be involved and participate in the decisions of their favorite teams. In addition, it opens up new sponsorship opportunities for sports clubs and national teams beyond traditional sources of income.
Here’s a quick overview of the top earners in the Fan Token sector and their technical outlook during the World Cup.
Spain Football Fan Token (SNFT)
The Spanish Football Team Fan Token (SNFT) emerged as the top gainer in the sports tokens section, rising 170% to a new high of $0.54 on November 19, nine days after bottoming out at $0.20. rice field.
SNFT’s superiority over other fan cryptocurrency tokens may reflect the better odds of a Spanish football team winning the 2022 World Cup. according to To Vegas Insider.
From a technical standpoint, the SNFT is trading within the neutral zone as confirmed by the daily Relative Strength Index (RSI) around 58 below the overbought threshold of 70.
In other words, SNFT shows the potential to continue rising during the World Cup, and its price should reflect the performance of the Spanish national football team.
For example, as shown in the 4-hour chart below, if Spain were to win in a row, the SNFT valuation would rise above the current resistance level of $0.538 to a near record high of $0.718. There is likely to be.
Conversely, a fall from $0.538 could lead the SNFT to a correction to $0.412, down about 18% from today’s price.
Spain next face Costa Rica on November 23rd in the Group E category, followed by Germany on November 28th.
Soccer Brazil National Team Fan Token (BFT)
The Brazilian national football team Fan Token (BFT) appears to be the second most popular Fan Token on the cryptocurrency market. Its price jumped 130% in just nine days, from $0.45 on November 10th to over $1 on November 19th.
Brazil are the favorites to win this year’s World Cup at odds of +350 in the traditional betting circle. Given that the token still has room to perform based on the neutral daily RSI, this could serve as a fundamental factor behind BFT’s growth in the coming weeks.
As of November 19, bluefin tuna has broken out of the current resistance level of $1.05 and is looking to move toward a short-term upside target near $1.16. It could go even higher if Brazil wins her December 18 World Cup.
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Conversely, a rally would risk the BFT heading towards the October 2022 support level of $0.82.
Brazil’s first game will be against Serbia in Group G on 25 November, followed by Switzerland on 28 November.
Portugal National Team Fan Token (POR)
The Portuguese National Team Fan Token (POR) was the third best performer in the ongoing fan token boom, rising nearly 100% to $6 on November 19, nine days after hitting a low of $3.10. became.
Traditional bookmakers measure the odds of Portugal winning the World Cup at +1600.
The POR is currently testing $6 for resistance and the daily RSI is near 64, just 6 points below the overbought threshold. A decisive pullback from the above price cap could cause the POR to adjust towards its September-October 2022 support level of $4.80.
Conversely, Portugal’s continued success in the World Cup could turn the scenario to bullish, pushing the POR above the $6 resistance and pushing it to $7 or higher.
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