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Paris Saint Germain Fan Token Breakout Analysis – PSG Pumps +216% in a Single Day on Binance
After the launch of Fan Token on Binance Launchpad today, PSG took a strong Breakout with +216% gains in a single day. Let’s take a quick look at PSG, price analysis, and possible reasons for the recent breakout.
What is Fan Token?
Tokens are generally assets that can represent proof of ownership or even membership. As tokens are already being used for a wide range of purposes, many specialized blockchains have been developed with native intent to support tokens, the most common of which is currently Ethereum and their ERC standard tokens. Socios.com is an app for football (soccer) fans, where users acquire voting rights to influence the clubs they support by acquiring club-specific Fan tokens.
Fan Token Quick Stats
| SYMBOL: | PSG |
| Global rank: | 268 |
| Market cap: | $72,764,396 AUD |
| Current price: | $49.78 AUD |
| All-time high price: | $57.12 AUD |
| 1 day: | +216.26% |
| 7 day: | +399.70% |
| 1 year: | +399.70% |
Fan Token Analysis
At the time of writing, PSG is ranked 268th cryptocurrency globally and the current price is $49.78 AUD. This is a +399.70% increase since the launch of its ICO at Binance Launchpad today (21st December 2020). Have a look at the chart below for price analysis.
After the launch of PSG on Binance Launchpad, It pumped up to $57.12 AUD having +399% gains in just a few hours and the initial opening price of PSG was $15.46 AUD at Binance Exchange with many different trading pairs like PSG/BTC, PSG/USDT, and PSG/BUSD.
Currently, PSG is trading at $49.78 AUD price levels after breaking out the squeeze resistance in its sideways trend & now heading towards its all-time high price.
What do the technical indicators say?
The PSG TradingView indicators (on the 1 day) mainly indicate PSG as a strong buy, except the Oscillators which indicate PSG as a neutral.
So Why did PSG Breakout?
After the opening at Binance Launchpad, mostly ICO’s pumps after going live on exchange for trade and, the recent rise in Bitcoin over 100% since the halving in May and then the suggested start of the Altcoin season could have contributed to the recent breakout. It could also be contributed to some recent news of the PSG Token on Binance Listings.
Recent PSG News & Events:
- 16 December 2020 – T-Shirt Giveaway Event
- 20 December 2020 – Novara Calcio Training Playlist
- 21 December 2020 – PSG Token on Binance Listings
Where to Buy or Trade Graph?
The Fan Token has the highest liquidity on Binance Exchange so that would help for trading PSG/BTC, PSG/USDT, or PSG/BUSD pairs. However, you can also buy PSG from different exchanges listed on Coinmarketcap.
Author
Malik Junaid
Malik is a skilled writer with a background in Software Engineering. His interests are blockchain, cryptocurrency trading and market analysis.
