FIFA fans are looking forward to the 11 a.m. match between Spain and Costa Rica. Today is EST. In any case, these matches have the potential to have a significant impact on the Fan token market and provide enough volatility for interested investors. As a result, today we'll look at the Spain National Fan Token chart, which shows the formation of a well-known bullish pattern known as a double bottom pattern.
Key Takeaways:
🟢 At $0.261, the Spain National Fan Token chart shows bullish reversal signs.
🟢 A bullish divergence on the daily-RSI chart raises the prospect of a bullish recovery.
🟢 The Spain National Fan Token coin has a 24-hour trading volume of $834,933, indicating a 98% gain.
The Fan token market became quite volatile just days before the FIFA World Cup began. As a result, one of the popular team's Fan tokens, SNFT (Spain National Fan Token), has been trading sideways for the past three weeks.
The SNFT price retested the horizontal levels of $0.543 and 0.261 twice during this consolidation, emphasizing a range-bound rally. Furthermore, the coin price has been falling for the past five days, falling from $0.543 to $0.26.
The daily chart, on the other hand, shows a long-lower price rejection candle, which keeps the price of the Spain National Fan Token above the $0.35 support. As a result, this long-tail rejection indicates rising bullish momentum and a high likelihood of price reversal.
As a result, a possible reversal from this support will result in a double bottom pattern on the daily time frame chart. This bullish reversal pattern is well-known for triggering a direction bull run when its neckline resistance is broken.
Under the influence of a bullish pattern, the Spain National Fan Token could gradually rise to a $0.5427 neckline. An upside breakout from this resistance will bolster the price rally.
Technical Indicators
🔹 RSI: The daily-RSI slope shows an obvious bullish divergence, indicating a bullish reversal from the $0.26 support.
🔹 EMAs: The flattish EMAs (20 and 50) accentuate a sideways trend and may halt price rises at $0.41.
Intraday Price Levels for $SNFT
🔹 The spot price is $0.355.
🔹 Price action is in consolidation.
🔹 High volatility.
🔹 $0.41 and $0.48 are the Resistance Levels.
🔹 $0.346 and $0.26 as Support Levels.
