As the Argentina football team opened its World Cup match on Tuesday against Saudi Arabia, expectations were high. Argentina were clear favourites, boasting of a star-studded team captained by seven times ballon d’or winner Lionel Messi. The match ended in a shock loss, 2-1, with Messi & Co. only to save face in a packed stadium of bewildered fans. The loss took little time to infiltrate into crypto.
Argentine Football Association Fan Token (ARG/USDT) traded at $7.6 before kickoff. It fell sharply to $4.6, indicating how much Football speculations are getting intertwined into cryptocurrencies. Traders are using soccer-related tokens to bet on the success of their favourite teams. Days before Argentina’s match, ARG had peaked at $9.2. As of press time, the token exchanged hands at $5.58, a nearly half price. Is the token a buy on the dip?
Of course, the World Cup is continuing, and the Argentina soccer team will have a chance to redeem itself. The game on November 26 will give fans a chance to gauge the team once more. A strong performance will reassure fans and uplift ARG and vice versa. A bet on the token could return big on a positive outcome.
ARG is attempting recovery above the $4.5 support zone
Technically, momentum has turned bearish for the ARG token. The MACD indicator remains in the bullish zone. ARG is attempting recovery since nearing the $4.5 support. However, the upside lacks momentum.
Should you buy ARG now?
ARG has kept the $4.5 support to signal that it has not entered a lasting bearish market. The token can go higher if fans maintain above the key level.
Nonetheless, it should be noted that ARG price is driven by on-field factors and speculations. It is nearly impossible to tell with 100% accuracy that the on-field events will be positive to boost ARG.
Buying ARG now is, thus, very speculative. It could return big and can cause losses too. $4.5 is the level to watch if intending to speculate on the soccer fan token.