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This Altcoin Could Increase 100% in March

The price of Paris Saint-Germain Fan Token (PSG) has broken above a long-term pattern, showing decisive bullish signals. It is expected to increase significantly in the near future.

On February 22, 2024, Paris Saint-Germain announced that they would repurchase PSG using profits obtained from running a validator on the Chiliz (CHZ) blockchain.

Weekly Outlook

The price of Paris Saint-Germain Fan Token (PSG) has been trading within a long-term falling wedge since July 2022. This is a bullish pattern, often leading to a breakout in most cases.

Indeed, the PSG price has broken above the wedge and started to rise over the past 3 weeks.

The weekly RSI (Relative Strength Index) has formed a bullish divergence, surging above the 50 level and sloping upwards, indicating the bulls regaining control.

It’s noteworthy that this is the first time the weekly RSI has risen above the 50 level since October 2021, making it a highly bullish signal.

Therefore, the PSG price could rise by 94.42% to the significant resistance area at $7.6, formed by a horizontal resistance area and the 0.618 Fib retracement level of the previous decline.

PSG/USDT weekly chart. Source: TradingView

Short-Term Breakout

The PSG price has broken above the horizontal resistance at $3.6 and confirmed it as support on February 28th (green arrow). This shows that the short-term trend has turned bullish.

The daily RSI has entered the overbought area and is sloping upwards, supporting the potential for further gains.

Thus, the PSG price could rise to the nearest resistance level at $4.4 in the coming days.

PSG/USDT daily chart. Source: TradingView

Conclusion

The most likely scenario suggests that the PSG price will continue to rise in the near future. The nearest target is $4.4, and potentially higher towards $7.6.

The bullish outlook may be invalidated if the PSG price breaks down below the $3.6 area 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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