AC Milan Goes Top of Serie A to Give Fan Token ACM a Boost

·4 min read

Key Insights:

  • AC Milan fan token ACM finds support following a move back to the top of Serie A with two games remaining.

  • By contrast, Inter Milan fan token INTER saw red despite a broad-based crypto rally.

  • ACM and INTER are part of the Socios fan token platform that offers forty fan tokens of international football clubs.

AC Milan fan token ACM could be set for breakout. Interest in European soccer is at its peak, as the seasons for the major leagues near their end. Several leagues draw greater fan interest than others, these include the English Premier League, Italy’s Serie A, and Spain’s La Liga.

Club tokens have proven to be particularly popular in Europe, with some of the world’s most popular football clubs also going Web3 to drive fan engagement.

Interest in European soccer is so significant that clubs have launched NFT collections and even entered the metaverse.

While crypto market volatility has hit fan base tokens, correlations between football club tokens and team performances remain intact.

AC Milan Fan Token ACM Reacts to AC Milan Serie A Victory

On Monday, AC Milan beat Verona 3-1 to go top of the Serie A table with just two games remaining.

AC Milan needed a win to keep rival Inter Milan at bay. Inter beat Empoli 4-2 the previous Friday. With AC Milan holding a 2-point lead with two games remaining, it is AC Milan’s title to lose.

Football fans responded to AC Milan’s victory in a delayed fashion. Monday’s broad-based crypto meltdown left fans on the sidelines before support kicked in on Tuesday.

On Tuesday, AC Millan fan token ACM rose by 3.75%. Partially reversing a 20.8% slump from Monday, ACM ended the day at $4.15.

By contrast, Inter Milan fan token INTER fell by 2.79%. Following a 16.0% slide on Monday, INTER ended the day at $3.83.

While the moves were modest, Tuesday’s divergence reflected fan sentiment towards the likely winner of Serie A.

In April, movements across the respective fan tokens were more pronounced.

Inter Milan Loss Gave AC Milan the Upper Hand in Serie A Title Race

On April 27, Inter Milan lost to Bologna. The loss saw Inter give up its #1 position to AC Milan. The loss also gave AC Milan the upper hand in the Serie A title race.

Inter Milan’s fan token INTER slid by 10.12% to end the day at $6.253.

Fans react to Inter loss to Bologna.
Fans react to Inter loss to Bologna.

By contrast, the AC Milan fan token ACM surged as fans responded to AC Milan going to the top of the Serie A with four games remaining.

Following a move to the top of the Serie A table, ACM jumped by 43% to end the day at $6.77.

On April 27, AC Milan fans react to Inter’s loss.
On April 27, AC Milan fans react to Inter’s loss.

Socios Fan Tokens Drive Fan Engagement in the World of Soccer

ACM forms one of forty fan tokens of international clubs under Socios. The fan tokens give holders a say in a club’s decision-making, rewards, and access to exclusive fan token holder promotions, games, chats, and a chance to become a superfan.

Socios fan tokens are on the Chiliz Chain (CHZ), a Proof-of-Authority Ethereum-based sidechain.

Other teams under Socios include the English Premier League’s Manchester City, Arsenal and Everton, Paris Saint Germain, FC Barcelona, and even the Argentinian National Football team. According to Socios, an Italian national football team fan token will soon be available.

According to CoinGecko, the fan token market cap stood a $183 million at the time of writing, down 3.9% over the last 24-hours.

Manchester City Football Club ranked first with a market cap of $26.42m despite falling by 40.6% over the last 7-days. Inter ranked sixth, with AC Milan at eight. An AC Milan title could see ACM leapfrog INTER.

ACM Price Action

At the time of writing, ACM was up by 2.31% to $4.24. A bullish start to the day saw ACM rise to an early morning high of $4.37 before easing back.

Technical Indicators

ACM will need to avoid the $4.17 pivot to target the First Major Resistance Level at $4.34.

ACM would need the broader crypto market to support a return to $4.30.

An extended rally would test the Second Major Resistance Level at $4.54 and resistance at $4.75 The Third Major Resistance Level sits at $4.91.

A fall through the pivot would test the First Major Support Level at $3.97. Barring another extended sell-off, ACM should steer clear of sub-$3.90 levels. The Second Major Support Level sits at $3.80.

Avoiding the pivot would support a breakout session.
Avoiding the pivot would support a breakout session.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bearish signal. ACM sits below the 50-day EMA, currently at $5.02. This morning, the 50-day pulled back from the 100-day EMA. The 100-day EMA fell back from the 200-day EMA; ACM negative.

A move through the 50-day EMA would support a run at $5.50.

EMAs send bearish signal.
EMAs send bearish signal.

This article was originally posted on FX Empire

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