FIFA World Cup 2022: Will Argentina win Lead ARG Fantoken To Moon
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Brian Bollinger Argentina’s team is on a winning streak in both football and crypto market. The ARG fantoken has been growing steadily for almost two weeks and is undermining the current bearish sentiment. Furthermore, a bullish pattern in the ARG price and high hopes for the Argentina national football team should significantly impact its market value.advertisementKey Points:The megaphone pattern governing the ongoing price action is the ARG price
Sideline traders should be able to enter the market if there is a retest of the $5.5 resistance breached.
The Argentine Football Association Fan Token Coin’s 24-hour trading volume was $35.7 Million. This is a 14.68% increase.
Source-TradingviewThe Argentine Football Association Fantoken witnessed a sudden inflow since the beginning of the FIFA quarter-finals. The ARG price recovered from the $2.55 mark on December 9th and initiated a V-shaped recovery. It has since breached the $5.5 resistance. The fantoken is currently trading at $5.6 and has seen a 115% increase in the past two weeks. Trending StoriesBy press-time, the ARG price was in a restest phase. If buyers can get enough footing from the $5.5 level, it will be valid. The prices would rise 32.6% to reach the $7.5 resistance after the post-retest rally. The coin price oscillates between the two converging trendslines during this pattern. Though this continuation pattern encourages a directional rally upon the breakout of either trendline, the current bullish sentiment for ARG increases the likeness of the overhead trendline breakout.Thus, the ongoing bull cycle should lead this football fantoken to surpass the $9 mark and challenge the resistance trendline.Conversely, a daily candle closing below $5.5 could weaken the bullish thesis.Technical IndicatorRSI: the daily-RSI slope, which reflects the strength of the recent price action, has reverted from the overbought region. This means the prices try to stabilize the aggressive buying with a minor pullback(aforementioned retest phase) before resuming the bullish rally.advertisementEMAs: the 20-and-50-day EMA nearing a bullish crossover could offer a buy signal for interested traders,ARG intraday price levelsSpot price: $5.67
Resistance level – $6.7 and $7.5
Support level: $5.5 and $4.5
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