The 2022 FIFA World Cup will start on Nov. 20. These three altcoins are related to the event in different ways and could experience gains as a result.
Chiliz Price Bounces After Divergence
The CHZ price has been trading inside an ascending, broadening wedge since Aug. 25. On Nov. 9, it bounced at the support line of the pattern and created a bullish engulfing candlestick the next day.
The entire movement since the June lows looks like a completed bullish impulse followed by an irregular flat correction. If the count is correct, the Chiliz price will re-test the $0.28 resistance area and break out.
This possibility is also supported by the bullish divergence in the daily RSI (green line)
However, a drop below the C wave low of $0.145 would invalidate this bullish CHZ price prediction. In that case, new yearly lows would be expected.
Chiliz powers socios.com, the creators of fan tokens for various football clubs such as Manchester City (CITY), Paris Saint-Germain (PSG), Arsenal FC (AFC), AC Milan (ACM), and FC Barcelona (BAR).
It is also the ecosystem behind the Italian National Team Fan token (ITA), Portugal National Team Fan Token (POR), and Argentina National Team Fan Token (ARG).
CRO Price Falls Below Support
Crypto.com (CRO) price has been falling since reaching a high of $0.16 on Aug.1. Initially, it bounced above the $0.10 horizontal support area, but broke down from it on Nov. 9. It reached a new low of $0.05 on Nov. 14.
The low was made at the 1.61 external Fib retracement of the most recent bounce.
Even though the bullish divergence trend line (green line) is still intact, the trend can only be considered bullish once the $0.10 area is reclaimed.
Since Crypto.com is one of the main sponsors of the World Cup, it remains to be seen if this will have a positive effect in the CRO price.
The Chiliz ecosystem contains fan tokens from various teams that will participate in the World Cup.
WCI Price Bounces at Support
The World Cup INU (WCI)/ETH pair has been decreasing inside a descending parallel channel since Oct. 16. Such channels usually contain corrective movements, meaning that WCI would expect a breakout from it.
Currently, WCI is attempting to move above the middle of the channel. If successful, it would increase the chance of a breakout.
If a breakout occurs, the first resistance would be at 0.000017, while the next one at 0.000039, created by the 1.61 external Fib retracement of the drop.
Conversely, a decrease below the channel’s support line would invalidate the bullish hypothesis.
While WCI is not an official sponsor of the World Cup (unlike Crypto.com), it has a betting platform that can be used for the event and has been endorsed by well-known players.
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