Posted 6 hours ago
Sports events are the center of attention of fans all over the world. As a result, these games have become one of the most convenient platforms for cryptocurrency companies to advertise their services and showcase their benefits to a large audience.
We are currently approaching one such event, the FIFA World Cup 2022, scheduled to be held in Qatar from November 20 to December 18, 2022.
Today we will analyze some of the cryptocurrencies that could rise significantly during the upcoming matches.
Earlier this year, the cryptocurrency exchange Crypto.com was announced official sponsor FIFA World Cup Qatar 2022. Through this sponsorship, the cryptocurrency trading platform will gain huge brand exposure at one of the most prestigious sporting events.
Source – Tradingview
In the latest bloodbath in the cryptocurrency market, the CRO/USDT pair lost important monthly support at $0.1. The decline after the retest sent prices down 34% to the current level of $0.064.
However, the technical chart shows that the bearish price has breached another support at $0.7. This breakout should fuel selling momentum and push the price down to the December 2020 bottom support of $0.55.
However, a weekly RSI slope that jumps into the oversold region indicates that traders have overextended their selling activity and should attract more buyers in the market in return. Moreover, significant support and discounted prices in the upcoming FIFA matches should push the CRO/USDT pair to higher levels.
Plus, cryptocurrency exchange BitMEX lists two new CRO perpetual contracts.
🚨It’s just in 🚨
List today at 12:00 UTC
— BitMEX (@BitMEX) November 13, 2022
Algorand becomes FIFA’s official blockchain platform to provide a blockchain-powered wallet solution. Furthermore, they said:As part of the contractAlgorand will also help FIFA further develop its digital assets strategy, while FIFA will provide sponsorship assets including advertising, media exposure and promotional opportunities.
Source – Tradingview
The ongoing sideways rally in the ALGO/USDT pair indicates the formation of a megaphone pattern. In theory, when prices break any of the trend lines, this continuation pattern promotes the prevailing trend (currently bearish).
The altcoin is currently trading at $0.2675 with a 2.5% intraday loss. However, the price retesting the lower support trendline indicates the possibility of a bullish reversal. Moreover, a bearish rejection candle at this support and a bullish divergence in the daily-RSI slope highlight a potential recovery.
A break above the pattern resistance trend line could push the price up to $0.67.
Chiliz(CHZ) supports Socios.com, creator of various fan Tokens for famous football clubs such as Manchester City (CITY), Paris Saint-Germain (PSG), AC Milan (ACM) and FC Barcelona (BAR). So football fans could interact better with the upcoming FIFA matches using these FAN tokens.
The daily Chiliz price chart shows the same pattern as the ALGO/USDT chart. The coin price has retested both trendlines of the megaphone pattern three times, indicating that traders respect this pattern.
The altcoin is currently trading at $0.2018 and recently bounced back from the support trendline. Ideally, this bullish reversal within the pattern should bring prices 45% higher to meet the overhead trendline.
A bullish breakout from the trendline of the pattern will encourage the upside.
The content provided may contain the personal opinion of the author and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication assumes no responsibility for personal financial loss.
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