Porto FC (PORTO) Token Surges +12% as 18 Months Resistance Breaks; Price Must Overcome These Next Hurdles to Surge Further

The price of PORTO has surged by 12% today after a breakout from a descending pattern that has served as resistance since August 2022.

FC Porto Fan Token (PORTO) is a fan token on the BEP-20 network. As a Binance fan token utility token, PORTO is designed to reward fans of FC Porto, a well-known football team that competes in the Portuguese Premier League.

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According to crypto analyst Globe Of Crypto on X:

“@GlobeOfcrypto1: $PORTO Moving as expected. 55% profit so far !!!”

The price of PORTO has been up today after it broke out of a descending channel pattern on the weekly timeframe. With a decisive breakout, we might see a move from $2.8 to $7 which represents the top of the channel.

Next Key Levels to Watch

The RSI on the weekly timeframe is at 69, which makes it not a surprise that the price is retracing at the time of writing. This little retracement could also be a retest of the broken resistance which could lead to more upward move.

At the time of writing, the 50 simple moving average is forming support for price. However, price is still struggling to break the 100 moving average. We may need to see this get broken also to see more moves.

Now, we are waiting for a successful retest as the RSI goes below 70 and then a subsequent break of the 100 SMA. However, a break above the 100 SMA coming first could be a signal to buy.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.

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