NAIROBI (CoinChapter.com — The Manchester City Fan Token (CITY) price dropped 17.21% in the past 24 hours to reach $3.33 on April 18. This decline in value comes in the wake of Manchester City’s elimination from the Champions League by Real Madrid, derailing their hopes of a historic double treble. The swift fallout from this defeat has captivated the crypto community, which is now closely monitoring the performance of the Manchester City Fan Token.
The Downfall of Manchester City’s Champions League Bid
Manchester City’s quarterfinal clash with Real Madrid was a highly anticipated affair, given the two clubs’ recent history. The first leg in Madrid ended in a thrilling 3-3 draw, setting the stage for a dramatic second leg at the Etihad Stadium.
Unfortunately for City, their bid to defend the Champions League title they won last season was ultimately unsuccessful. Andriy Lunin and Antonio Rüdiger were the heroes for Real Madrid, with Lunin making several crucial saves and then stopping penalties from Bernardo Silva and Mateo Kovacic in the shootout.
Analysts like former Arsenal star Thierry Henry quickly acknowledged Real Madrid’s impressive defensive strategy. “There is something called defending,” he remarked.
“The best team, the team that defended well, went through.”
The Impact on the Manchester City Fan Token
The defeat has had a direct impact on the price of the Manchester City Fan Token. With the team’s Champions League dreams shattered, investors have reacted swiftly, leading to a significant sell-off of the token.
The token’s market cap is currently $24.24 million, and its 24-hour trading volume is $42.96 million. Its circulating supply is 7.28 million.
CITY/USD fan token price chart. Source: TradingViewThe token’s Exponential Moving Average (EMA) crossed, with the 50-day EMA dipping below the 200-day EMA, indicating bearish sentiment. Additionally, the Relative Strength Index (RSI) dipped below 50, suggesting a potential momentum shift towards the sellers
Looking at the token’s price history, the data shows a mixed picture. While the token has experienced a 17.21% decline in the last 24 hours, the longer-term trends are more varied. In the previous 30 days, the token has seen a 2.59% drop, but in the last 60 and 90 days, it has gained 4.58% and 16.21%, respectively.
Following their Champions League exit, Manchester City’s attention now turns to secure the Premier League title. The team currently maintains a narrow lead over rivals Arsenal and Liverpool. The race for the Premier League title is still up for grabs, keeping fans on the edge of their seats. This intense competition could impact the price of Manchester City Fan Tokens in the near future.
Whether the Manchester City Fan Token will rebound depends on the team’s performance in their remaining Premier League matches.
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