FC Fan Token price is wading through murky red waters on Friday after a mid-week rally bolstered by improving investor confidence. Cryptocurrency markets performed impressively earlier this week after the US Consumer Price Index (CPI) returned lower-than-expected inflation figures. The Federal Reserve (Fed) also hiked interest rates by 0.5%, as widely expected.

The bellwether cryptocurrency, Bitcoin (BTC), jumped to a monthly high at $18,318 on some exchanges, while Ethereum price tagged a new weekly high at $1,346. BTC has since retreated to trade at $17,403 as bulls deliberate another move past $20,000.

Meanwhile, SANTOS has corrected to exchange hands at $5.91 on Friday during the European session. The 7.1% drop in value over the last 24 hours comes amid widespread declines in the market, as observed from price data provided by CoinMarketCap.

Santos FC Fan Token Price Reacts to A Falling Wedge Pattern

Santos FC Fan Token price rebounded from support at $5.40 as this week’s trading kicked off on Monday. After printing a series of bullish green candles, the price stalled around $6.55, possibly due to the lack of enough liquidity.

It is worth mentioning that this uptick in price, although short-lived, was much needed after an extended downtrend. Santos FC Fan Token price token now dodders at $5.91 as buyers focus on a bullish outlook presented by a falling wedge pattern.

The appearance of a falling wedge pattern usually points toward a significant incoming bullish breakout. It forms at the bottom of a downtrend with a series of higher and lower highs linked using two trend lines.

In the chart above, the falling wedge functions as a reversal signal. With the price broken above the upper trend line, SANTOS is inclined to make a quick bullish turnaround – equal to the distance between the widest wedge points extrapolated above the breakout point.

The same eight-hour chart reveals that Santos FC Fan Token’s momentum faded as the price battled a confluence resistance at $6.55, formed by the 50-day Exponential Moving Average (EMA) (in blue) and the upper falling trend line (broken line).

For now, traders should watch for a rebound from support provided by the wedge pattern. SANTOS may need more than a green candle above this level to confirm a sustainable bullish move. For this reason, investors would need to wait until Santos FC Fan Token price overcomes the confluence resistance, as analyzed ahead of a 49% move to $8.81.

Adding credibility to the bullish outlook in SANTOS is a buy signal from the Moving Average Convergence Divergence (MACD) indicator. The chart shows that the MACD (in blue) has recently crossed above the signal line (in red), encouraging traders to consider taking long positions in SANTOS.

Traders must, however, hold on until the price cracks the barrier at $6.55 before triggering their buy orders to avoid falling into potential bull traps. On the other hand, SANTOS may resume its downtrend if support at the wedge pattern fails to hold its ground. In that case, a retest of support at $5.40 will likely occur.

Whales Put Their Weight Behind Santos FC Fan Token

Large volume holders commonly referred to as whales in the cryptocurrency space, have concentrated on filling their bags over the last few weeks. Some could buy ahead of the FIFA World Cup 2022 Qatar finals on December 20.

Addresses with between 100,000 and 1,000,000 SANTOS tokens have grown to hold 24.98% of the network’s total supply compared to 24.46%, as posted on November 16. If this buying spree continues, it may ease the selling pressure, allowing Santos FC Fan Token to rally to $8.81 and $10.00, respectively.

Santos FC Fan Token Alternatives with The Potential to Rally

Santos FC Fan Token price is in a suitable buy position ahead of a rally, as observed from the analysis. However, market conditions remain wobbly following FTX’s collapse. For this reason, investors might be interested in checking out key tokens in their presale stages and with the potential to rally.

Dash 2 Trade (D2T)

Dash 2 Trade comes first among these promising presales. This platform enables the development and back-testing of trading strategies using accurate price data and on-chain analytics. Dash 2 Trade supports a social trading feature where investors can share ideas and learn from each other.

D2T is an ERC-20 token on the Ethereum Network dedicated to powering the ecosystem. This token allows access to crypto analytics, signals and social trading features needed to excel in the market.

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RobotEra (TARO)

The founders of RobotEra are creating a platform similar to the popular metaverse crypto project, the Sandbox. Users can create a personalized world in the metaverse and even design their own NFTs.

1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale, which will begin soon.

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Calvaria (RIA)

RIA is one of the best play-to-earn (P2E) cryptocurrencies for blockchain gaming enthusiasts. The native token for Calvaria: Duels of Eternity is RIA. The game, which takes place in a metaverse with an afterlife theme, aims to aid traders in buying non-fungible token (NFT) trading cards.

Players can build strategies to help them win battles directly. The platform’s native token, RIA, enables NFT purchases and other in-house transactions.

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