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Brian Bollinger The FC Porto Fan Token has ended a three-month-long wedge-like pattern on a bullish note by breaking from the downsloping trendline. This bullish breakout signals a directional rally that offers growth potential in the short term. Moreover, this bull run pierced a horizontal resistance of $5.85, providing an entry opportunity for side-lined buyers.advertisementKey Points:The possible retest to the breached $5.85 resistance will validate whether the breakout is genuine.
A bullish crossover of the 20- and 50-day EMAs could attract more buyers to the market.
The FC Porto Fan Token Coin’s 24-hour trading volume is $72.3 Million. This indicates a loss of 45%.
Source-TradingviewOver the past three months, the FC Porto Fan Token price steadily fell under the influence of a falling wedge pattern. The numerous retests of the pattern’s downward trendline showed that traders strictly followed the technical setup. This should have a significant impact on future prices. Despite the slow performance of Bitcoin, the fan token climbed 73% over the past three days. Trending StoriesThe FC Porto Fan Token price broke through the resistance trendline on November 15th. The post-retest rally that saw two green candles rise in volume and led to a rally of $6.2 indicates a high momentum rally. Additionally, the altcoin is trading at the $6.2 mark and has broken the horizontal resistance of $5.85. The wedge pattern breakout should give buyers additional support to boost further growth. It should push the price 20% higher to reach $7.63. On a contrary note, the bullish theory will weaken if the token price can’t sustain above $5.85.Technical IndicatorRSI: Following an evident bullish divergence, the daily-RSI slope rising above the neutral accentuates the growth buying momentum.advertisementEMAs: the fallfish EMAs(20, 50, and 100) incline upwards, indicating a positive switch in market sentiment. These EMAs could provide significant support in the event of a pullback. FC Porto Fan Token intraday pricesSpot price $6.2
Trend: Bullish
Medium Volatility
Resistance level: $6.76 and $7.6. Support level: $5.85, $5.2
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