Tech

Pullback Opportunity Shine On Spain National Fan Token (SNFT)

11/20/2022
Bitcoin Ethereum News
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Published 6 seconds ago

The Spain National Fan Token shows a minor pullback after witnessing a massive rally last week. This pullback should stabilize the price from aggressive buying pressure and eventually lead to a bullish upswing to surpass $0.545; however, far may this pullback go?

Key Points:

  • A low volume reversal hints at a temporary rpullback in Spain National Fan Token(SNFT) price
  • The $0.4 support could offer a strong launchpad to resume the prior rally.
  • The 24-hour trading volume in the Spain National Fan Token coin is $679,520 Million, indicating a 21% loss.

TradingView ChartSource-Tradingview

Depicts a sloppy price action in market leaders Bitcoin and Ethereum, the Fan tokens witnessed a significant inflow as one of the most popular sporting events, the FIFA world cup, was closing by. As a result, the Spain National Fan Token(SNFT) price rebounded from $0.255 support on November 13th. 

The U-shaped recovery registered 113.5% growth and hit the local resistance of $0.543. However, the price reverted lower in the last three days, indicating a minor correction. This bearish pullback accounts for a 19.5% loss and pushes the SNFT price to its current value of $0.43.

Having said that, if market sentiment remains bullish for Fan tokens, the SNFT price will resume the prevailing recovery once it obtains suitable support from a level. Thus, the combined support of $0.4, 50% Fibonacci retracement level, and 20-day EMA slope.

A potential reversal from this support will assist buyers in challenging the $0.54 resistance.

On a contrary note, a breakdown below $0.4 will weaken the bullish momentum.

Technical Indicator

RSI: the daily-RSI slope maintains above the neutral zone amid the ongoing correction, indicating the market sentiment remains bullish.

Bollinger band: the coin price moving between the indicator midline and upper band suggest the buyers influence the current price action. 

Spain National Fan Token Intraday Price Levels

  • Spot price: $0.43
  • Trend: Bearish
  • Volatility: Low
  • Resistance level- $0.54 and $0.73
  • Support level- $0.4 and $0.3

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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Source: https://coingape.com/markets/fifa-world-cup-2022-pullback-opportunity-shine-on-spain-national-fan-token-snft/