As per official data, one of the largest Football teams in the world, Paris Saint-Germain has just announced that they are now officially a Bitcoin owner. This has resulted in this fan Football token coming under the limelight of the crypto community. Adding to this, it displays a wider adoption of this digital asset in the world of sports.
Are you one of many who are considering to stack the PSG token in your portfolio before the altcoin season kicks in? In this article, we will understand the market analysis and possible short-term crypto price prediction of this Chiliz-based token.
Paris Saint-Germain Fan Token Displays Increased Bullish Action
The PSG token today has jumped approximately 5% with a trading volume of $14.32 million, a change of +24.45%. In spite of losing around 4% in seven days, this fan token has surged 18.50% in 30 days. With a market capitalization of $24.33 million, it has secured the 803rd position in the crypto space.
The RSI indicator has successfully retested its neutral point in the daily time, resulting in it recording a sharp rise toward the overbought range. Moreover, with a high possibility of a bullish convergence, the PSG coin price may continue trading under a positive influence in the upcoming time.
The 50-day EMA acts as a strong support to the Paris Saint-Germain Fan Token around the $2.50 mark. Furthermore, the Cross EMA 50/200-day is on the path of experiencing a Golden Cross in the 1D time frame, suggesting a positive action.
How High Will PSG Token Rise?
Maintaining the value more than $2.50 could set the stage for it to prepare to retest its immediate resistance level of $3.0 soon. Suppose, the bullish sentiment intensifies at that point, this may push the price toward its upper resistance zone of $3.375.
However, increased liquidation could result in it dropping toward its immediate support zone of $2.50. Moreover, if the bears dominate the cryptocurrency market, the PSG price may plunge toward its lower support trendline of $2.25 within a short period.
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