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PSG Coin Paints Bullish Continuation Pattern As Messi Helps Team Consolidate Position

PSG fan token price has formed a bullish continuation pattern.
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PATNA ( — Paris Saint-Germain’s fan token, PSG Coin price surged on Feb 2 after Les Parisiens won 3-1 against Montpellier to stretch their lead by 5 points at the top of the League 1 table.

Lionel Messi scored on the way to giving a stellar performance after Kylian Mbappé missed two penalties and later got injured. The French forward left the ground clutching his right leg and rubbing the back of his left thigh.

Mbappé did not have a very good outing. The forward missed his second penalty in the 10th minute and blundered the rebound to blast the ball above the top bar. Afterward, Mbappe left the field in after just 21 minutes into the game.

PSG coach Christophe Galtier assured that the injury was not serious, leading to speculations that the substitution was more strategic than necessary.

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The match had some interesting moments as the VAR (Video Assistance Referee) ruled out the night’s first goal, scored by Messi with a delicate touch off a pass from Soler. Seven minutes into the second half, the VAR ruled out another PSG goal, this time by Hakimi.

We scored goals and had goals ruled out, sometimes for very tight offside calls. But it was an important victory because we had to get back to winning ways. We needed to bounce back after some disappointing performances, and we did.

Paris Saint-Germain coach Christophe Galtier told PSGTV

Finally, Fabián Ruiz opened the scoring for PSG in the 55th minute. 16-year-old midfielder Warren Zaïre-Emery scored his first goal for Les Rouge-et-Bleu in the 92nd minute to extend PSG’s lead.

PSG Coin Price Forms Bullish Pattern

Meanwhile, Paris Saint-Germain’s fan token PSG Coin formed a bullish continuation pattern called the Bull Pennant. In detail, the pattern emerges when an asset consolidates between two converging trendlines after undergoing a price rally.

Ultimately, a breakout in the direction of the large initial movement follows the period of consolidation.

PSG fan token formed a bullish continuation pattern with a 25% price target
PSG fan token price formed a bullish continuation pattern with a 25% price target. Source:

Volume is important in the pattern. During consolidation, the volume should be low while it must increase during the breakout move. Otherwise, prices would likely pull back into the consolidation pattern.

Per the rules of technical analysis, PSG coin price might jump to $8.17, gaining 25% in the process, if the fan token confirms the bullish pattern.

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PSG coin fell 6.3% on Jan 30 to begin the week, but bulls have been aggressively buying to recover lost ground. As a result, the PSG/USD pair rose 4.8% from Feb 31’s low of $6.25. If the upward movement continued, PSG price might rise to resistance near $6.64, recovering the current week’s losses.

PSG/USD daily chart with RSI
PSG/USD daily chart with RSI. Source:

Breaking and consolidating above the immediate resistance might help the PSG fan token price rise to $7.04 before correcting.

On the other hand, a sell-off could push PSG coin price to test the 100-day EMA (blue wave) support near $6.3. Breaching the EMA support level could force the PSG fan token to drop to $6.1 before recovering.

RSI for PSG coin remained neutral, clocking 56.72 on the daily chart.

The post PSG Coin Paints Bullish Continuation Pattern As Messi Helps Team Consolidate Position appeared first on CoinChapter.

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