Published 31 mins ago
Sporting events are one center of attention for fans around the globe. As a result, these games have become one of the most favorable platforms for crypto companies to advertise their services and showcase their utility to a massive crowd.
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Right now, we are approaching one such event which is FIFA World Cup 2022, scheduled from 20th November to 18th December 2022 in Qatar.
Today, we will analyze some crypto coins which could rise significantly during the upcoming matches.
Crypto.com(CRO)
Earlier this year, the 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.
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Source- Tradingview
Amid the recent bloodbath in the crypto market, the CRO/USDT pair lost a crucial monthly support of $0.1. The post-retest downfall plunged the prices 34% down to reach its current level of $0.064.
However, the technical chart shows the falling price has breached another support of $0.7. This breakdown should intensify the selling momentum and plummet the price to the December 2020 bottom support of $0.55.
Nonetheless, the weekly-RSI slope dumped into the oversold region indicates the traders have overextended the selling activity, which in return should attract more buyers in the market. Moreover, the discounted prices at crucial support and upcoming FIFA matches should raise the CRO/USDT pair to higher levels.
Moreover, the crypto exchange- BitMEX lists two new CRO perpetual contracts.
🚨This just in 🚨
Two new CRO perpetual contracts are dropping on BitMEX today:$CRO $USD $CRO $USDT
Listing today at 12:00PM UTC
Contract deets👇https://t.co/lPV8n5gDXX
— BitMEX (@BitMEX) November 13, 2022
Algorand(ALGO)
Algorand becomes FIFA’s official blockchain platform for providing a blockchain-supported wallet solution. In addition, they said, “As part of the agreement, Algorand will also assist FIFA in further developing its digital assets strategy, while FIFA will provide sponsorship assets, including advertising, media exposure, and promotional opportunities.”
Source- Tradingview
The ongoing sideways rally in ALGO/USDT pair shows the formation of a megaphone pattern. In theory, this continuation pattern encourages the prevailing trend(currently bearish) once the prices breach either of the trendlines.
The altcoin currently trades at $0.2675 with an intraday loss of 2.5%. However, the price retesting the bottom support trendline indicates a possibility of a bullish reversal. Moreover, a lower price rejection candle at this support and bullish divergence in the daily-RSI slope accentuates a potential recovery.
A bullish breakout from the pattern resistance trendline could push the price to a $0.67 high.
Chiliz(CHZ)
Chiliz(CHZ) supports Socios.com, the creator of various fan Tokens for popular football clubs like Manchester City (CITY), Paris Saint-Germain (PSG), AC Milan (ACM), and FC Barcelona (BAR). Thus, football enthusiasts could experience better interaction with upcoming FIFA matches using these FAN tokens.
Source-Tradingview
The daily Chiliz price chart shows the same pattern as that of the ALGO/USDT chart. The coin price has thrice retested both the trendlines of the megaphone pattern, indicating the traders are respecting this pattern.
The altcoin currently exchanges hands at $0.2018 and has recently rebounded from the support trendline. In an ideal condition, this bullish reversal within the pattern should lead the prices to 45% higher to meet the overhead trendline.
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A bullish breakout from the pattern’s trendline will encourage bullish growth.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.