Fan token, a type of cryptocurrency issued by sports clubs, has one of the most tangible real-world use cases. This market has gained over 1% volume in the last 24 hours. As for which ones are getting attention, one crypto analyst points to 5 coins.
5 fan tokens that investors should watch out for
A recent list by market analyst Steven Walgenbach answered this question with ALPINE, BAR, OG, CITY and PSG.
The price of ALPINE has been rising since last week and has set its local high at $5,8792. However, its price later pulled back sharply to trade below the key $3,8952 level. Before a long position, traders can expect the fan token price to close a daily session above this level.
According to technical analysis, a daily close above $3,8952 for ALPINE price will see the altcoin price rise to the next key level of $5,1141. While this momentum is a fair win for ALPINE long, it may be best to buy when ALPINE closes above $3,8952 given the short time ALPINE has been in the market.
If the price of ALPINE closes the day above the next key level of $5,1141, then it will have a clear path to $8,0397, so investors can target additional gains by injecting the remaining capital allocated for the trade.
FC Barcelona Fan Token (BAR)
The BAR price has also been rising in recent days. The upside momentum later resulted in a dip to $4.29.
The weekly chart for BAR/USDT shows that the 9-week EMA line is bullish above the 20-week EMA. In such a case, the price of the BAR will likely spike above the nearest resistance level of $4.54 before attempting to do the same with the $5.11 level.
If the altcoin’s price successfully breaks above these two levels, its next target will be around $6.74. An early confirmation of this bullish thesis could be a breakout of the 9-week EMA line above the 20-week EMA. Therefore, it may be best for traders to wait for this technical flag before going long.
On the other hand, if the price of the BAR closes below the 9-week EMA line in the next 2 weeks, it will likely force the altcoin price to the support level of around $3.29.
OG Fan Token (OG)
OG price is down over 15% from the last 24 hours, reaching as high as 20% at one point. Similar to ALPINE, OG’s price surged last week to $15,307. However, the fan token bounced back shortly after the price surge to close last week at $10,643. It still shows more than 300% gains for early traders.
At the time of writing, OG’s price is trading in the $9.40 region. A break below this level next week could cause OG price to drop to $7,119 before the end of this week.
One thing traders should watch out for is that the 9-week EMA line continues to trade above the 20-week EMA. This is an important bullish technical flag that indicates that the price of OG will continue to rise in the next 2-3 weeks.
Confirmation of this bullish thesis will come as OG price closes this week’s trading session above the key $8,895 level. If this happens, it looks like the price of OG will rise to $12,173 in the coming weeks.
Manchester City Fan Token (CITY)
The price of CITY is currently trading at $5.42, where it is up around 3%. An important technical flag was triggered on CITY’s weekly chart when the 9-week EMA line crossed the 20-week EMA line last week. As a result, CITY price is currently trading above two key EMA lines.
If the price of CITY is able to close above the current resistance level before this weekend, holding around $5.46, the price of the fan token will likely break $6.07 before surging to $6.94 in the coming weeks.
On the other hand, if the price of CITY can climb above $6.94 in the next month, the bulls may aim the way to $8.77. If CITY’s price drops below the 9- and 20-week EMA lines before the end of the week, the bullish thesis will be invalidated and the fan token’s price will consolidate between $3.98 and $5.46 for the next month.
Paris Saint-Germain Fan Token (PSG)
PSG price has been falling in recent days. At the time of writing, it is trading at $5.53, down around 3%.
According to technical analysis, it may be too early to get excited about PSG’s price. At the time of writing, the fan token price is held low by the 9-week EMA, which is again trading below the 20-week EMA. Once PSG’s price climbs above $6.67 weekly, investors can put the altcoin on the radar for the long term as its next target is $9.54.
While the fan token market is poised to catch the attention of the bulls, recent weeks have generally shaped around the AI Coin market. cryptocoin.com In this article, we have included the artificial intelligence projects that rally with a new move from OpenAI.
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