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The Argentina team is on a winning streak on the soccer field and in the crypto market. The ARG fantoken is undermining the current bearish sentiment in the market and has been showing steady growth for almost two weeks. Also, an uptrend in the ARG price and high hopes for the Argentina national football team are expected to have a significant impact on its market value.
- The bullhorn pattern governing the ongoing price action is price ARG
- A retest of the broken resistance at $5.5 should provide an entry opportunity for secondary traders.
- The 24-hour trading volume of the Argentine Football Association Fan Token coin is $35.7 million, indicating a gain of 14.68%.
The Argentine Football Association Fantoken has seen a sudden influx since the start of the FIFA quarter-finals. On December 9, the ARG price rebounded from the $2.55 mark and triggered a V-shaped rally.
As the Argentina national soccer team climbed through the ranks to the finals, the ARG price showed steady directional growth where it recently broke through the $5.5 resistance. This fantoken is currently trading at $5.6 and has been up 115% in the past two weeks.
At press time, ARG price is going through a resting phase, where it will validate if the buyers can get enough footing from the crossed $5.5 level. The post-retest rally would push prices up 32.6% to reach the $7.5 resistance.
Additionally, the daily chart shows the formation of a bullhorn pattern. During this pattern, the coin price resonates between the two converging trend lines. While this continuation pattern encourages a directional rally upon the breakout of either trendline, the current bullish sentiment for the ARG increases the likeness of the overall trendline breakout.
Thus, the ongoing bullish cycle should lead this football fantoken to break above the $9 mark and challenge the resistance trendline.
Conversely, a daily candle closing below $5.5 could weaken the bullish thesis.
IRS: the daily slope of the RSI, which reflects the strength of recent price action, has returned from the overbought region. This means that prices are trying to stabilize aggressive buying with a minor pullback (aforementioned retest phase) before resuming the bullish rally.
EMA: the 20 and 50 day EMA close to a bullish cross could offer a buy signal to interested traders,
ARG intraday price levels
- Cash price: $5.67
- Trend: Decreasing
- Volatility: Medium
- Resistance level- $6.7 and $7.5
- Support level – $5.5 and $4.5
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.