Spain for the win? Top 3 fan tokens to watch during the FIFA World Cup

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The FIFA World Cup in Qatar is boosting the worth of nationwide soccer staff fan tokens regardless of the cryptocurrency bear market.

World Cup Qatar hype boosts fan token costs

These digital fan tokens are at present rallying regardless of the cryptocurrency market downturn, securing as much as 170% good points from the Nov. 10 lows. On the core of the huge uptrend is the World Cup, which shall be held from Nov. 20 to Dec. 18 in Qatar.

Fan tokens are cryptocurrencies that allow followers to interact with and take part of their favourite staff’s selections. Furthermore, they create new sponsorship alternatives for sports activities golf equipment and nationwide squads exterior of conventional income sources.

Here is a short overview of the highest gainers within the fan token sector, alongside their technical outlook in the course of the course of the World Cup.

Spain Nationwide Soccer Workforce Fan Token (SNFT)

The Spain Nationwide Soccer Workforce Fan Token (SNFT) emerged as the highest gainer within the sports activities token part, rising 170% to a excessive of $0.54 on Nov. 19, 9 days after bottoming out at $0.20.

SNFT/USD each day worth chart. Supply: TradingView

SNFT’s outperformance versus different fan crypto tokens could replicate the Spanish soccer staff’s larger odds of successful the World Cup in 2022. However in conventional phrases, Spain’s odds of successful the trophy is +800, which means betting $100 would yield $800, based on Vegas Insider.

From a technical perspective, SNFT trades inside a impartial zone, as confirmed by its each day relative energy index (RSI) at round 58, under its overbought threshold of 70.

In different phrases, SNFT exhibits potential to proceed its rally in the course of the World Cup and its worth ought to replicate how the Spain Nationwide Soccer staff performs.

For example, back-to-back wins for Spain could stretch SNFT’s valuation above its present resistance degree of $0.538 for a possible run-up towards its document excessive close to $0.718, as proven within the four-hour chart under. 

SNFT/USD four-hour worth chart. Supply: TradingView

Conversely, a pullback from $0.538 might have SNFT eye a correction towards $0.412, down about 18% from as we speak’s worth.

Spain will subsequent play Costa Rica on Nov. 23 within the Group E class, adopted by a standoff in opposition to Germany on Nov. 28.

Brazil Nationwide Soccer Workforce Fan Token (BFT)

The Brazil Nationwide Soccer Workforce Fan Token (BFT) seems to be the crypto market’s second favourite fan token. Its worth has rallied 130% in simply 9 days, from $0.45 on Nov. 10 to over $1 on Nov. 19.

BFT/USD each day worth chart. Supply: TradingView

Brazil is the favourite to win the World Cup this yr with +350 odds in conventional betting circles, which means a $100 guess would return $350. That might function a elementary issue behind BFT’s progress within the coming weeks, given the token nonetheless has room to run primarily based on its impartial each day RSI.

As of Nov. 19, BFT eyes a breakout above $1.05, its present resistance degree, towards its short-term upside goal at round $1.16. An prolonged rally might happen if Brazil wins the World Cup on Dec. 18, paving the trail towards $1.31, up 25% from as we speak’s worth.

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Conversely, a pullback would threat sending BFT towards $0.82, its October 2022 assist degree.

Brazil’s first match is in opposition to Serbia on Nov. 25 in Group G, adopted by a standoff in opposition to Switzerland on Nov. 28.

Portugal Nationwide Workforce Fan Token (POR)

The Portugal Nationwide Workforce Fan Token (POR) is the third-best performer within the ongoing fan token increase, rising about 100% to $6 on Nov. 19, 9 days after hitting lows of $3.10.

POR/USDT each day worth chart. Supply: TradingView

Conventional bookies measure Portugal’s odds of successful the World Cup at +1600, which means betting $100 would yield about $1,600.

POR now exams $6 as its resistance, with its each day RSI close to 64, simply six factors under its overbought threshold. A decisive pullback from the stated worth ceiling might have POR eye a correction towards $4.80, its assist degree from September-October 2022.

Conversely, continued success within the World Cup for Portugal could flip the situation to bullish, main POR above its $6-resistance to eye a rally towards or above $7.

The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, you must conduct your personal analysis when making a choice.



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