Posted 13 hours ago
Sporting events are a center of attention for fans around the world. As a result, these games have become one of the most favorable platforms for cryptocurrency companies to advertise their services and show their usefulness to a massive crowd.
Right now, we are approaching one of those events, which is the 2022 FIFA World Cup, scheduled for November 20 to December 18, 2022 in Qatar.
Today we will take a look at some cryptocurrencies that could rise significantly during the upcoming matches.
Earlier this year, crypto exchange Crypto.com was announced as the official sponsor of the FIFA World Cup Qatar 2022. Through this sponsorship, the cryptocurrency trading platform will gain enormous brand exposure at one of the most prestigious sporting events.
amid the recent bloodbath in the crypto market, the CRO/USDT pair lost a crucial monthly support at $0.1. The post-retest decline plunged prices 34% to its current level of $0.064.
However, the technical chart shows that the price decline has broken another support at $0.7. This breakdown should intensify the selling momentum and send the price down to the December 2020 lower support of $0.55.
However, the pending weekly RSI Thrown into the oversold region indicates that traders have overextended selling activity, which in turn should attract more buyers into the market. Also, discounted prices at crucial support and upcoming FIFA matches should lift the CRO/USDT pair to higher levels.
Additionally, the BitMEX crypto exchange lists two new CRO perpetual contracts.
🚨This just in 🚨
Listed today at 12:00 pm UTC
—BitMEX (@BitMEX) November 13, 2022
Algorand becomes FIFA’s official blockchain platform to provide a blockchain-enabled wallet solution. Furthermore, they said:As part of the agreementAlgorand will also help FIFA further develop its digital asset strategy, while FIFA will provide sponsorship assets, including advertising, media exposure and promotional opportunities.”
The ongoing sideways rally in the ALGO/USDT pair shows the formation of a bullhorn pattern. In theory, this continuation pattern encourages the prevailing (currently down) trend once prices break out of any of the trend lines.
the altcoins it is currently trading at $0.2675 with an intraday loss of 2.5%. However, price retesting the lower support trend line indicates the possibility of a bullish reversal. Also, a lower price rejection candle at this support and a bullish divergence in the slope of the daily RSI accentuates a possible recovery.
A bullish break of the pattern’s resistance trend line could take the price to a high of $0.67.
Compatible with Chiliz (CHZ) partners.com, the creator of various Tokens for fans of popular football clubs such as Manchester City (CITY), Paris Saint-Germain (PSG), AC Milan (ACM) and FC Barcelona (BAR). Therefore, football enthusiasts could experience better interaction with upcoming FIFA matches using these FAN tokens.
The newspaper Chiliz Price Chart shows the same pattern as the ALGO/USDT chart. The coin’s price has retested the megaphone pattern trend lines three times, indicating that traders are sticking to this pattern.
The altcoin is currently changing hands at $0.2018 and recently recovered from the support trend line. Ideally, this bullish reversal within the pattern should drive prices 45% higher to reach the overall trend line.
A bullish break of the pattern’s trend line will encourage bullish growth.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrency. The author or publication has no responsibility for your personal financial loss.