Leeds United Fan Token Drops 6.4% to $1.31 - Can it Score $3 Soon

Leeds United Fan Token (LUFC) has dropped by 6.4% over the last 24 hours. At the time of writing, LUFC was trading at $1.31. LUFC has been on a significant downtrend, dropping by over 33% over the past two weeks.

LUFC plunges 6.4%

Fan tokens have become increasingly popular. Blockchain technology allows fans to interact with their favorite sports clubs. LUFC is the fan token for Leeds United, a soccer club that competes in the English Premier League.

The LUFC fan token has been having a tough time over the past month. Data from CoinGecko shows that it has dropped by 18% over the past month. Its worst gains can be seen over the last two weeks after an over 30% drop.

During the past 24 hours, LUFC has recorded trading volumes of around $186,000, showing less trader interest in the token. Like most cryptocurrencies that have crumbled amid the bear market, LUFC has plunged by around 92% from its all-time high level created in December last year.

LUFC is one of the low cap cryptos in the market. The token has a market capitalization of around $1.29 million and ranks as the 1801 largest cryptocurrency by this metric.

LUFC has been on a notable bearish trend that seems to stem from rising selling pressure. The token has failed to register a notable recovery or follow the trend of the broader cryptocurrency market. Over the past 24 hours, the broader cryptocurrency market has plunged by 1.5% to around $958 billion.

LUFC has been facing increased selling pressure that has seen the token plunging lower than the rest of the cryptocurrency market. As seen from its weekly chart movements, LUFC has been on a steady downtrend that could be sustained for a while, given that the broader market is yet to give the token the much-needed support.

If the selling pressure continues, LUFC could plunge lower and test the $1.25 level. Looking at the trend that the token has followed over the past month, it is likely that bears will push the support lower to below $1. Bears are currently in control of the market, and a trend reversal is unlikely unless there are positive developments surrounding the token and in the broader market.

In the unlikely situation that LUFC overcomes the bearish sentiment and bulls take over, the immediate target will be $1.75, which could ignite a rally toward $2. However, a rally toward $3 will depend upon a sustained uptrend in the token and the broader market.

The popularity of fan tokens

Fan tokens allow fans across different sports areas to exercise influence over their favorite teams and leagues. The Socios platform supports fan tokens. These tokens allow fans to be part of minor decisions in their favorite teams, such as the choice of jerseys. The LUFC fan token allows Leeds United fans to interact with the club better.

While the popularity of fan tokens has grown significantly over the past year, ESG-friendly cryptos are also a good way of diversifying your investment portfolio. IMPT is a new green crypto that is currently in a heated presale. The presale debuted a week ago, and it has surpassed $3 million.

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