YEREVAN (CoinChapter.com) – The cryptocurrency market as a whole experienced several bullish days, Dec 12-14, shifting the bias on Dec 15. However, several altcoins did not adhere to the reversal trend. Here is the price analysis for Mobile Coin (MOB), Paris Saint-Germain Fan token (PSG), Santos football club fan token (SANTOS), Celo (CELO), and DigiByte Blockchain (DGB).
#1 Mobile Coin (MOB) eyes an 8% drop after breaking key resistance
Mobile Coin (MBO), a money transfer coin launched by communications company Signal in 2021, traded at $1.17 on Dec 15, after a turbulent two days. The coin jumped nearly 50% on Dec 14, peaked at $1.38, breaking the descending resistance trendline, but settled 15% lower in the following hours.
While the Moving average convergence/divergence (MACD) oscillator printed green candles on the four-hour chart, the MOB bulls might have to work harder to continue the rally. Judging by the lowering trading volumes, the Mobile coin price might return to its latest support level at $0.09.
Notably, the MOB coin also printed a golden cross on the charts between the 50-day and the 100-day exponential moving averages (EMA 50, 100; orange and light blue waves, respectively). In short, a golden cross occurs when a short-term MA crosses back above a long-term MA after a bearish phase. It predicts a bullish period ahead for as long as the short-term MA keeps the dominant position.
Admittedly, the moving averages are a consequence of the price action and not its source. However, they could provide additional support or resistance.
#2 Paris Saint-Germain Fan token (PSG) jumped 40% and is poised to continue up to the FIFA finals
PSG, the fan token of the legendary football club Paris Saint-Germain, jumped 40% on Dec 14, ahead of the football match between France and Morocco. The price ascended throughout the match and France’s subsequent win. As euphoria didn’t fizzled out, PSG price jump continued.
PSG/USDexchange rate stood at $6.9 in the European session on Dec 15,promising more returns before the FIFA World Cup finals. Moreover, PSG traded within a formation dubbed the ‘descending channel.’ The latter consists of two parallel trendlines with a negative slope that enclose the price action, driving the asset value incrementally lower. However, the fan token broke above the channel’s resistance on Dec 15.
The rising trading volumes testify to the bullish continuation, reflecting traders’ interest in the asset. Should France win on Dec 18, the euphoria of PSG club fans could take the token up to the next support/resistance level at $7.6. Meanwhile, the Final match will shed more light on PSG’s prospects.
Also read: Fan tokens surge ahead of the FIFA World Cup – more gains to come?
#3 Could Santos fan token (SANTOS) jump 160% despite Brazil not making it to the finals?
Another FIFA-related token, Brazilian SANTOS, dedicated to the same-named football club, dropped 20% after Croatia knocked Brazil out of the race on Dec 9. However, the price picked up again on Dec 14, despite the defeat, and stood at $6.3 on Dec 15.
Moreover, the token had been trading within a bullish formation dubbed the ‘falling wedge.’ It typically entails two converging trendlines with a similar slope that take the price incrementally lower before reversing the trend. The formation forecasts a rally equal to the maximal wedge height, thus pinning the expected SANTOS price at $16.7, or 160% jump form the current value.
It is not yet clear whether the fan token can manage such a surge without the FIFA hype. However, the upcoming sessions will show if the fans are willing to double down on the coin. Nevertheless, a 160% surge amid a bearish market might be too much for Santos to tackle.
#4 Celo (CELO) doesn’t look confident after a 95% drop
EVM compatible proof-of-stake layer-1 Celo saw its same-named token slide 95% since peaking at $10.9 on August 30. As a result, the digital asset stood at $0.57 on Dec 15. Notably, CELO broke below a significant support on Nov 14, dropping to the all time low of $0.4. However, the price picked up since, getting above the said support.
In June, after the Terra implosion, sources reported a bullish future for Celo. However, the token did not live up to the expectations just yet. Meanwhile, the daily chart above showed an increase in buying preddure on the platform in the previous month.
Is CELO likely to pull off a strong rally any time soon? It would be for the bulls to decide. The next possible target for the upside move would stand at $0.64, at the down-sloping resistance line. Conversely, the bearish target stands at $0.52, near the support line.
Also read: Bitcoin risks a drop to $15K amid Binance FUD, despite bullish cues from Fed.
#5 DigiByte Blockchain (DGB) grapples with resistance
Proof-of-work blockchain DigiByte saw its DGB token jump 50% Dec 8-14, and recoil from a significant resistance. As a result, the DGB/USD exchange rate stood at $0.086 on Dec 15, hinting at more loss ahead. Additionally, despite the considerable increase in trading volumes on Dec 13-14, Thursday’s statistics came significantly lower, threatening to reverse the bullish trend.
Moreover,like CELO, DGB also traded 95% below its all-time high and a full recovery seems unlikely, considering the bearish sentiment on the market as a whole. However, the token has been on the scene since 2014 and
DigiByte originally utilized the Litecoin code-base, with a completely independent blockchain and a unique Genesis Block. It has undergone several non-contentious soft-forks and hard-forks, none of which culminated in a chain-split, but rather a complete consensus resulting in DigiByte network.
reads the whitepaper.
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