$MENGO Starts Daily Recovery After 20% Weekly Drop

The Flamengo Fan Token (MENGO) is showing signs of recovery after a challenging week, where it suffered a 20.29% decline. As of today, MENGO is trading at $0.1236, marking a 2.94% increase in the past 24 hours. The latest price action suggests a potential turnaround, backed by increased trading activity. 

Price Action and Market Trends

The price shows that the price of MENGO fluctuated greatly over the past day, with very high spikes and dips. As indicated by the price chart, the price rose dramatically at first before retracing, after which the price started to increase steadily. Such waves show that there is a battle going on between buyers and sellers, with bulls trying to take back what they lost during the week.

The trading volume increased by 33.20% in the past day, which now stands at $61,431.07. This suggests that the trading activity itself has increased, indicating great interest, which might be a sign of a price stabilization or further bullish situation in the market.

Can MENGO Sustain Its Recovery?

With a circulating supply of 7.7 million MENGO, the token’s market capitalization stands at $953,128. The most active exchange for MENGO trading remains OKX, where the MENGO/USDT pair recorded a trading volume of $37,839.05 in the last 24 hours. Other platforms like MEXC and Bitci TR also contribute to the token’s liquidity.

While today’s price action suggests early signs of a rebound, MENGO still faces resistance as traders remain cautious. The overall trend remains uncertain, as the token attempts to recover from its recent lows.

Since their introduction by Chiliz, Fan Tokens have become the leading digital assets in the sports world. With over 2 million wallets, Fan Tokens are the go-to tokens for fans everywhere.

More than 70 teams have launched Fan Tokens, such as Manchester City ($CITY), FC Barcelona ($BARCA), and Paris Saint-Germain ($PSG). This way, they have new ways to engage with their supporters through Socios.com.

Fan Tokens can be traded on Kayen, a Fan Tokens-focused exchange, and they are listed on several exchanges. Binance has joined the movement by creating Fan Tokens for major teams such as Lazio and Santos.