Market Downturn Presents Opportunities on Elite Fan Tokens: $CITY, $JUV, $ASR, $BAR
The broader cryptocurrency market has been in a downturn since Aug. 14, during which time it has declined by 9.3%. Since then, Bitcoin’s (BTC) value declined by 11.3%, along with most of the altcoin market.
The effect was also felt on the Football Fan Token market, which saw several of its top gainers from the past few weeks take large dips.
AS Roma ($ASR), Juventus ($JUV), Manchester City ($CITY), and Barcelona ($BAR) all underwent large drops since the broader market downturn on Aug. 14 – and while this may seem a negative at first glance, it also presents an opportunity for savvy traders who are willing to bet on those tokens continuing the upward momentum they’ve shown since the start of the summer.
AS Roma ($ASR)
Since hitting an all-time low of $1.05 in April of this year, the AS Roma Fan Token ($ASR) went on a momentous surge which saw it gain 719% in just a few months, climbing to a peak of $8.60 on Aug. 9, which equalled a near four-year high.
Since then, $ASR has dropped 68%, falling to a price point of $2.71.
Yet trade volume has remained strong in the past week, rarely dropping below $30M, and at times climbing as high as $160M.
Interest hasn’t completely departed the $ASR token, and given the enormity of its drop-off in the past couple of weeks, one would expect a resurgence at some point soon.
Juventus ($JUV)
Since climbing 90% to a six-month high of $1.81 between June and August, the Juventus Fan Token ($JUV) has since declined by 31%, dropping to a price of $1.24.
Again, trade volume is strong for $JUV, and remains a popular token on major exchanges. Given the extent of its sharp decline since Aug. 15, one might expect an equally strong reaction from $JUV in the near future.
Manchester City ($CITY)
The Manchester City Fan Token ($CITY) token gained 54% between June and August, hitting a peak of $1.25. Since then, it has declined by 20%, dropping to $1.00 at time of writing.
More trade volume hit $CITY this summer than had been witnessed in the entirety of the past year.
As above, interest isn’t leaving $CITY any time soon. It was a top-10 Fan Token prior to its decline, and one would expect a resurgence at some point.
Barcelona ($BAR)
Between June and August, the Barcelona Fan Token ($BAR) gained 30%, climbing from $1.00 to $1.36.
Since then, the token has fallen 13%, down to the current price of $1.17.
Trade volume has remained remarkably stable for $BAR in the past week, never breaching the $2-4M range, suggesting a bedrock of solidity for the token.
As with the tokens above, $BAR is the official token of one of the biggest footballing names in the world, and interest isn’t leaving it any time soon. Keep an eye out for when $BAR starts climbing again.