Fan tokens are a way for fans to interact with their favorite sports teams and players using blockchain technology. Chiliz is a leading platform for fan tokens, working with many top sports clubs. BNB Chain, the blockchain of the biggest crypto exchange, is also in the fan token market with four tokens, including the Alpine F1 Team Fan Token (ALPINE).
The ALPINE token is the first F1 fan token on the BNB chain, launched on February 15, 2022. It is the second-largest fan token by market cap and can become the first as well.
The ALPINE token gives token holders access to various benefits and experiences with the Alpine F1 team. Some of the benefits and experiences are voting rights on the Binance Fan Token platform, participation in various activities and contests, staking rewards, digital collectibles, donations, and loyalty badges.
ALPINE token fell by 1.10% in market value and by 37.54% in trading volume in the last 24 hours, as per CoinMarketCap, which is a crypto data and information website. Its market value is $19,916,617 and its trading volume is $1,804,264.
There are 11,360,000 ALPINE in circulation which is the amount of ALPINE coins that are circulating in the market and ALPINE’s that are in public hands.
Technical Analysis of ALPINE on 1-D Timeframe
The ALPINE token is showing a downtrend and facing resistance from the trendline and the major EMAs. The current price of the ALPINE token is $1.76478287. If the price continues to drop, it may find support at the $1.5 and $1 levels. However, if the price breaks above the trendline and rises, it may encounter resistance at the $2 and $2.5 levels.
At the time of publishing, the ALPINE token price is trading below the 20 and 50-day EMAs (exponential moving averages), rejecting the ALPINE price trend.
The price is consolidating as the MACD line at 0.03424872 and the signal line at 0.03203565 are both below the zero line and the histogram width is narrow in the MACD oscillator. The RSI value is 40.01 points, which indicates a bearish momentum. The technical indicators suggest that the sellers have more control over the price.
Conclusion
ALPINE technical analysis highlights the consolidation of bearish sentiments and perspectives of investors and traders regarding the ALPINE token in the daily timeframe. ALPINE price action highlights a bearish view at the time of publishing as the price is taking resistance from the trendline and from EMAs. Moreover, the technical parameters of the ALPINE price suggest the continuation of consolidation to a downtrend over the daily time frame chart regarding the ALPINE token price.
Technical Levels
- Support levels: $1.5 and $1
- Resistance levels: $2 and $2.5
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/22/will-alpine-token-price-keep-on-plummeting-or-ascend-soon/