- The token is tapped by Manchester United, amid the FIFA.
- The price is currently 199% more than its all-time low at $0.94.
- The price trends translate into something other than the current sentiments of the investors.
The FIFA season is here, and fans are rooting hard for their favorite teams. This wave also affects many altcoins as many teams tap them amid this new cult. Similarly, Tezos (XTZ) is used by Manchester United for its collectibles. Currently, it needs to be better reflected by the price trends, but it will soon change and may bring long-term stability.
Web3 — what's that?
Unlock the future of club memorabilia with digital collectibles
Powered by @Tezos and brought to you by Tezos ecosystem companies. #CollectUnited || #RegisterClaimUnlock
— Manchester United (@ManUtd) November 19, 2022
The picturesque
Currently, prices form a falling wedge pattern, targeting to fall closer to the support level of $0.775. The price is far below 20-EMA, and reclaiming it will take its sweet time. Gradually, it will escalate after the probable fall to correctly reflect the sentiments of the FIFA fans. It’s still holding well amid the crunch in the market.
The CMF indicator lies below the 0-level but moves sideways and slightly sloping upwards. It may move back and forth between the ranges, being highly volatile. The MACD indicator is soon to converge with descending histograms. It may move intertwined after the convergence and record splinters of purchases as the team-maniacs approach XTZ. The RSI indicator moves akin to the 30-mark border, slightly crossing and retracing within the bounds. It may move within the same bounds as the purchase amounts may need to be stronger to pull it upwards.
The 4-hour POV
The price continues to form an ongoing pattern. The CMF indicator is highly volatile and switches between the zones. It may move in the zone below the 0-level and slightly escalate towards the zone beyond the mark. The MACD indicator tangles and moves collinearly to each other with a frill of purchases. It may continue in the same momentum that a limited number of fans are approaching. The RSI indicator moves in the range of 30-50 and may maintain the same pace as the ongoing selling spree balances the purchases to make it neutral.
Conclusion
The market is suffering from the harsh consequences of the ongoing crisis and crashes so badly that slight positivity is not impactful enough to turn the tables for anyone in the industry. Tezos is currently attracting users who are fans of Manchester United, but other than that, the investors show no major interest. But it may rise soon and benefit long-term investors.
Technical levels
Support levels: $0.900 and $0.700
Resistance levels: $1.500 and $1.700
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/11/21/xtz-may-bloom-due-to-the-fifa-wave-good-for-the-long-term/