Fan tokens of the national teams of Spain, Portugal and Brazil are experiencing a price boom as the World Cup begins. The FIFA World Cup in Qatar is increasing the value of these altcoin projects’ tokens, despite the crypto bear market.
World Cup hype drives up FAN Token prices
These digital fan tokens are currently rallying despite the downturn of the cryptocurrency market. Also, some are gaining as much as 170% from the lows on November 10. cryptocoin.comAs you follow, at the center of the big uptrend is the World Cup, which will be held in Qatar from 20 November to 18 December.
Fan tokens are tokens of altcoin projects that allow fans to participate in the decisions of their favorite teams. They also create new sponsorship opportunities for sports clubs and national teams outside of traditional income sources. Crypto analyst Yashu Gola gives a brief overview of the top earners in the fan token industry. He is also evaluating his technical appearances throughout the World Cup.
The eyes of the world will be on these 3 altcoin projects!
Spain National Football Team Fan Token (SNFT)
The Spain National Football Team Fan Token (SNFT) has emerged as the top earner in the sports token division. The altcoin hit $0.54, up 170% on November 19, nine days after bottoming at $0.20.
SNFT daily price chart / Source: TradingViewSNFT’s performance against other fan tokens likely reflects that the Spanish football team is more likely to win the World Cup in 2022. But in traditional terms Spain’s chance of winning the trophy is +800. So, according to Vegas Insider, a $100 bet yields $800.
From a technical standpoint, the SNFT is below the overbought threshold of the daily relative strength index (RSI) of 70. It is also trading in neutral territory, as confirmed at around 58. In other words, SNFT shows potential to continue its rally during the World Cup. Additionally, its price will likely reflect the performance of the Spanish National Football team.
For example, back-to-back gains for Spain are likely to push SNFT’s valuation above the current resistance level of $0.538, as illustrated in the four-hour chart below. Thus, a potential increase towards the record high near $0.718 is likely.
SNFT four-hour price chart / Source: TradingViewConversely, a pullback from $0.538 could see SNFT correcting towards $0.412, down about 18% from today’s price. Spain will play against Costa Rica on 23 November in Group E category. He will then face Germany on 28 November.
Brazil National Football Team Fan Token (BFT)
The Brazil National Football Team Fan Token (BFT) is the second favorite fan token in the crypto market. Its price has increased 130% in just nine days. In this move, it rose from $0.45 on November 10 to over $1 on November 19.
BFT daily price chart / Source: TradingViewBrazil is the favorite to win the World Cup this year with +350 odds in traditional betting circles. This means that a $100 bet will bring in $350. This is likely a key factor behind BFT’s growth in the coming weeks, given that the token still has room to work based on its neutral daily RSI.
As of November 19, the altcoin is attempting to break above the current resistance level of $1.05 and reach its short-term upside target of around $1.16. A long rally is possible if Brazil wins the World Cup on December 18, opening the way to $1.31, a 25% increase from today’s price.
Conversely, a pullback risks sending BFT towards the October 2022 support level of $0.82. Brazil will play their first match in Group G against Serbia on 25 November. He will then face Switzerland on 28 November.
Portugal National Team Fan Token (POR)
The Portugal National Team Fan Token (POR) rose nearly 100% to $6 on November 19, nine days after dropping to $3.10. Thus, he became the third best performing player in the ongoing fan token boom.
POR daily price chart / Source: TradingViewTraditional bookies measure the odds of Portugal winning the World Cup at +1600. So a $100 bet brings in about $1,600.
POR is now testing $6 as resistance. Also, the daily RSI is close to 64, just six points below the overbought threshold. A definitive pullback from the aforementioned ceiling could see POR correcting towards the September-October 2022 support level of $4.80. Conversely, it is possible that continued success at the World Cup for Portugal could turn the scenario upside down. In this case, the altcoin could rally to or above $7 by climbing above the $6 resistance.
