AS Roma Fan Token (ASR) has pumped by 25% today; however, the reason for the pump is not obvious. What can be noticed is that the price seems to be retracing after some recent bearish moves.
The bullish move may be cut short by various factors that include the following:
- Fan tokens do not usually have long rallies. They sometimes spike briefly based on the hype around them and eventually die out.
- There is an overhead 50-SMA resistance above the price that can serve as a resistance to further price growth.
- The price has been under a descending trendline since the beginning of April, and we cannot expect any major price increase until the resistance breaks.
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io.net Breaks Out of the Descending Channel
io.net, on the other hand, is preparing for the next leg up with its price spiking by more than 30% in the past 3 days. IO has finally broken out of a descending channel, and we may see a bullish continuation for some days.
Crypto analyst Decilizer, commenting about the price of IO, said the price looks bullish after taking support at around $2. The analyst expects a spike to around $3.8. He aspects Bitcoin to rally Bitcoin price rally could support. The last Bitcoin price rally caused IO’s price to spike by around 120%.
Typically, after a descending trendline breakout, price spikes to the top of the channel. If that happens in this case, IO could spike to $6, which is around a 140% spike from the current level.
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