The global crypto market cap has risen 1.10% in the last 24 hours, according to CoinMarketCap. As a result, the total crypto market cap is estimated to be $1.19 trillion at press time. With crypto fan tokens recently hit by a wave of sell volume, it may be a good time to invest in some popular fan tokens.
The first fan token that traders and investors should keep an eye on is ALPINE. The token experienced a major loss over the last 24 hours, according to CoinMarketCap, and is trading at $3.58 at press time. This is a 24-hour price decrease of 18.1%.
Weekly chart for ALPINE/USDT (Source: TradingView)
ALPINE’s price spiked last week to reach a weekly high of $5.8792. However, the fan token’s price retraced sharply to trade below the key $3.8952 level. Traders and investors will want to wait for the altcoin’s price to close a daily session above this level before entering into a long position for the crypto.
A daily close above $3.8952 for ALPINE’s price will see the altcoin’s price climb to the next key level at $5.1141. Although this will be a fair gain for any trader in an ALPINE long position, it may be best to ladder into a buy position for ALPINE once it closes a daily session above $3.8952, given the short amount of time that ALPINE has been in the market.
If ALPINE’s price closes a daily session above the next key level at $5.1141, then traders should complete the laddering in a move by injecting the remaining capital allocated for the trade, as ALPINE’s price will then have a clear path to $8.0397.
The next fan token that crypto community members should add to their watchlists is BAR. This fan token also experienced a 24-hour loss of around 10.72%. This has brought the price down to $4.29 at press time.
Weekly chart for BAR/USDT (Source: TradingView)
The weekly chart for BAR/USDT shows that the 9-week EMA line is looking to cross bullishly above the 20-week EMA line. Should this happen, BAR’s price will look to break above the closest resistance level at $4.54 before attempting to do the same with the level at $5.11.
Should the altcoin’s price successfully break above these two levels, then its next target will be around $6.74. An early confirmation of this bullish thesis will be when the 9-week EMA line crosses above the 20-week EMA line. Therefore, it may be best for traders and investors to wait for this technical flag before entering into a long position for the altcoin.
On the other hand, BAR’s price closing below the 9-week EMA line in the next 2 weeks will likely force the altcoin’s price down to the support level at around $3.29.
Meanwhile, OG’s price experienced a 24-hour loss greater than 20%. At press time, OG’s price is down by 22.2% and is trading at $9.43.
Weekly chart for OG/USDT (Source: TradingView)
Similar to ALPINE, OG’s price surged last week to reach a high of $15.307. However, the fan token’s price retraced shortly after the price spike to close last week at $10.643. Nonetheless, the altcoin was still able to print a gain of more than 300% for early investors and traders.
At press time, OG’s price is resting on the support level of $8.895. A break below this level in the coming week will result in OG’s price dropping back down to $7.119 before this week comes to an end.
One thing that investors and traders should take note of is that the 9-week EMA line has crossed and continues to trade above the 20-week EMA line. This is a significant bullish technical flag that suggests that OG’s price will continue to rise in the next 2-3 weeks.
Validation of this bullish thesis will be if OG’s price closes this week’s trading session above the key $8.895 level. Should this happen, OG’s price will look to rise to $12.173 in the coming weeks.
CITY’s price is currently down 3.39% and is trading at $5.30 at press time. The fan token also weakened against the two market leaders, Bitcoin (BTC) and Ethereum (ETH), by 4.72% and 4.43%, respectively.
Weekly chart for CITY/USDT (Source: TradingView)
A significant technical flag was triggered on CITY’s weekly chart, with the 9-week EMA line crossing above the 20-week EMA line last week. As a result, CITY’s price is currently trading above the two noteworthy EMA lines at press time.
If CITY’s price can close above the current resistance level holding it down at around $5.46 before the end of this week, then the fan token’s price will look to break through $6.07 in the coming weeks before climbing to $6.94.
If CITY’s price can then close above $6.94 within the next month, then it has a clear path to $8.77.
On the other hand, if CITY’s price dips below the 9 and 20-week EMA lines before the end of the week, then the bullish thesis will be invalidated, and the fan token’s price will consolidate between $3.98 and $5.46 for the next month.
PSG’s price also dropped in the last 24 hours. At press time, CoinMarketCap shows that the fan token’s price is down 7.94% to now trade at $5.50.
Weekly chart for PSG/USDT (Source: TradingView)
It may still be too early to get excited about PSG’s price. At press time, the fan token’s price is being held down by the 9-week EMA, which is also trading below the 20-week EMA line. Once PSG’s price has a weekly close above $6.67, then traders should look to long the altcoin, as its next target will be $9.54.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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Source: Cryptocurrency - investing.com
