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Paris Saint-Germain Fan Token (PSG) Price Could Increase Nearly 100% in April

The price of Paris Saint-Germain Fan Token (PSG) has confirmed the previous resistance as support and shown decisive bullish signals. It is expected to rise strongly in the near future.

Weekly Outlook

The price of Paris Saint-Germain Fan Token (PSG) broke above a long-term falling wedge pattern in the week from February 19 to 26, 2024. As this pattern has been in existence for 616 days, a breakout above it indicates that the long-term downtrend has ended and the PSG price may have started a new uptrend.

Indeed, the price has continued to break above the resistance zone of $4.5 and confirmed it as support two weeks ago (green arrow). This action indicates bullish momentum as buyers step in when the price drops to the breakout level, typically leading to the continuation of the uptrend.

The weekly RSI (Relative Strength Index) has remained firmly within the overbought zone for the past 5 weeks, indicating that the bulls have completely controlled the market.

Therefore, the price of PSG may rise to the top of the wedge pattern at $10.5 in the near future. This figure corresponds to an increase of 97.86% from the current price level.

PSG/USDT weekly chart. Source: TradingView

Bullish Divergence

The daily chart supports the bullish outlook from the weekly timeframe. This is due to the bullish divergence in the daily RSI indicator.

This divergence is formed when the RSI indicator creates two bottoms at the 50 level while the price forms a higher bottom (blue line). This is a strong bullish signal as it indicates strong buying pressure on minor dips.

Therefore, the PSG price may rise to the recent high of $6.6 in the coming days.

PSG/USDT daily chart. Source: TradingView

Conclusion

The most likely prospect suggests that the price of PSG will continue to rise in the near future. The nearest target is $6.6 and higher towards $10.5.

The bullish outlook will be invalidated if the price of PSG breaks below the $4.5 zone on the daily timeframe.

Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.

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