During the national teams' World Cup games, there was volatility in the fan tokens of Brazil, Portugal, and Spain. There was volatility in both ways.
Qatar will host the 2022 FIFA World Cup from November 20 to December 18. Chiliz (CHZ), a fan token platform, is one of the key event sponsors.
The price of national team fan tokens responding to the performances of the individual teams is an intriguing phenomenon.
This was particularly evident in the instance of the Fan Token for the Argentine Football Association (ARG). The token decreased by roughly 30% after Argentina's 2-1 loss to Saudi Arabia.
In light of this, we will examine the prices of the Brazil, Portugal, and France Fan Tokens to see if they are changing in response to the performances of their respective teams.
Triple-Bottom Pattern Created by a Brazil Fan Token
A triple bottom pattern is being formed as the Brazil Fan Token (BFT) trades inside the $0.48 horizontal support region. The triple bottom is a bullish pattern that also includes bullish RSI divergence (green line).
Additionally, on November 22, the BFT price bounced and produced a bullish engulfing candlestick. These are bullish indications that the price is likely to increase.
The Brazil Fan token price could rise to $0.70 if it overcomes its declining resistance line. A close below $0.48, on the other hand, would signal a negative trend.
It's important to note that despite the fact that Brazil's national team defeated Serbia 2-0 on November 24 in a group stage encounter, the price actually declined as a result of the victory by about 7%.
The Portugal Fan Token is Volatile
Cristiano Ronaldo is the national team's captain, therefore it stands to reason that the Portugal Fan Token (POR) is a hot topic. Currently, the POR price is trading above the $4 level of support. A breakdown below this critical point could hasten the rate of deterioration. On the other hand, a bounce can trigger a rise toward the following resistance level at $6.40.
The future trend will therefore probably be determined by whether the POR price bounces or closes below it.
In contrast to the Brazil Fan Token, the price of POR fluctuated a lot between 17:00 and 19:00 CET while Portugal's national team defeated Ghana 3-2. A long upper and lower wick with magnitudes of almost 9% was produced by the POR price. However, the final price difference compared to the game's starting was minuscule.
Falling to a New Monthly Low for Spain Tokens
Since November 19, the Spain national team fan token has fallen below a declining resistance line. On Nov. 25, the price reached a new monthly low of $0.21 as a result of the downward trend.
There are currently no indications of a bullish reversal. There is no bullish divergence on the RSI, which is falling and below 50. As a result, the likelihood of the downward movement continuing is greatest.
The nearest region of resistance would be around $0.36 if a breakout were to happen. A horizontal resistance area and the 0.382 Fib retracement resistance level combine to form this.
On November 23, the Spain national team competed in a World Cup match. Even though they defeated Costa Rica 7-0, the SNFT price dropped by about 30% throughout the contest. Over the following 24 hours, the decline persisted, bringing SNFT dangerously near to a new record low.
