The price of the FC Porto Fan Token has been slowly declining over the last three months under the impact of a falling wedge pattern.
the FC Porto Fan Token puts an end to a three-month-long wedge pattern on a bullish note.
The directional rally that results from this bullish breakout hence offers growth possibilities in the near future. Additionally, this bull run broke through a $5.85 horizontal resistance, giving sidelined buyers a chance to enter the market.
It will be determined whether the breakthrough is real by a potential retest of the $5.85 resistance level. More buyers may enter the market if the 20- and 50-day EMAs make a bullish crossover. The FC Porto Fan Token coin has a $72.3 Million 24-hour trading volume, representing a 45% loss.
The price of the FC Porto Fan Token has been slowly declining over the last three months under the impact of a falling wedge pattern. The traders appeared to have adhered precisely to the technical setup, as evidenced by the several retests of the pattern's downsloping trendline, which should have a big impact on future pricing.
Furthermore, as the FIFA World Cup 2022 approaches, the price of PORTO has increased significantly during the past week. The fan token increased by 73% in the last three days despite the slow performance of the biggest cryptocurrency, Bitcoin.
Additionally, the FC Porto Fan Token price made a significant breakthrough from the pattern's resistance trendline on November 15. The post-retest rally with two green candles and a substantial volume increase signals a rally with strong momentum.
Additionally, the altcoin has recently breached a $5.85 horizontal resistance and is trading at the $6.2 level. Buyers should have more support following this breakout, which will support future expansion.
The breakout of the wedge pattern should drive the price 20% higher, to the $7.63 level, in a favourable bullish situation.
On the other hand, if the token price can't sustain over $5.85, the bullish theory would deteriorate.
Technical indicator
RSI: The daily-RSI slope climbing above the neutral level after a clear bullish divergence emphasizes the growth buying momentum.
EMAs: The fallfish EMAs (20, 50, and 100) are inclining upward, signaling a change in the market's attitude to the better. Furthermore, these EMAs could provide strong support for any potential pullback.
Levels of resistance: $6.76 and $7.65
Levels of support: $5.85 and $5.23
