Crypto Industry News:
The fan token market is growing, reaching approximately $ 157 million in total market capitalization since June.
According to data from the FanMarketCap website, the market capitalization of all fan tokens is estimated at just over $ 417 million at the time of writing. This is almost 60.4% more than the total value of $ 260 million recorded in mid-June 2021.
The daily volume of trading on the fan token market at the time of writing is 270.2 million dollars.
According to FanTokenStats, some of the most valued fan tokens are Paris Saint-Germain (PSG) and Manchester City (CITY) issued by the main fan token supplier of Socios and Chiliz. While PSG's market capitalization is valued at just over $ 49 million, CITY's market capitalization is $ 38 million.
Socios and Chiliz founder and CEO Alexandre Dreyfus said all fan tokens in the ecosystem were sold for $ 250 million. He claims the fan token and social token market size to grow to $ 10 billion over the next five years.
Fan Tokens are a form of digital currency that gives holders access to a host of membership benefits, including voting on club decisions, merchandise designs, rewards, and other fan engagement experiences at sports clubs and music fan clubs.
Technical Market Outlook
The ETH/USD pair keeps trading above the level of $4,000, but there were no bullish attempt to rally all weekend long. The market had been consolidating inside a narrow zone located between the levels of $3,913 - $4,224 and only a sustained breakout above or below one of those levels would give the market participants a clue regarding the further move. Moreover, in order to extend the bounce, bulls need to test and break through the short-term trend line resistance located at the level of $4,300 and head towards the level of $4,435. The oversold market conditions and positive momentum support the bullish case for the time being.
Weekly Pivot Points:
WR3 - $4,978
WR2 - $4,721
WR1 - $4,397
Weekly Pivot - $4,163
WS1 - $3,831
WS2 - $3,582
WS3 - $3,258
Trading Outlook:
The ABCxABC complex corrective cycle might be terminated, so the next long-term target for ETH is seen at the level of $5,000. Nevertheless, in order to continue the long-term up trend, the price can not close below the technical support at the level of $2,906. The level of $1,728 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term technical support for bulls. The level of $3,677 is the key mid-term technical support for bulls.
