ACM Surges +85% In A Single Day After Partnership Between FTX And Chiliz To Promote And Launch Fan Tokens

ACM Fan Token is trading in an uptrend, like many other Altcoins. The cryptocurrency ACM just went up +85% in a single day by breaking a rising wedge pattern with strong buying volume on multiple exchanges and surges over +130% in a week.

What is ACM Fan Token?

The AC Milan Fan Token ACM is a utility token that gives AC Milan fans a tokenized share of influence on club decisions using the Socios application and services. The token serves as a membership key that allows users to compete for exclusive rewards, club recognition, and more.ACM token holders can vote via smart contract on “fan decision” polls published by AC Milan. Token holders can interact with the Socios platform (voting on polls, competing in contests and quizzes, connecting/chatting with like-minded users, etc.) and earn rewards.

ACM Price Analysis

At the time of writing, ACM is ranked the 570^th cryptocurrency globally and the current price is A$19.44. Let’s take a look at the chart below for price analysis:

After looking at the above 1-Day candle chart, we can clearly see that ACM was trading inside the rising wedge pattern on the ACM/USDT pair. The first resistance was on the A$13.82 price level, which ACM broke with a strong bullish trend buying volume and is now heading towards the recent high price at A$20.17. Seeing that many Altcoins are holding a strong position this week after the recent bitcoin price crash, ACM may continue to increase in the uptrend if traders keep buying with high volume.

“The Rising Wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. As a reversal pattern, the rising wedge will slope up and with the prevailing trend.”

What Do the Technical Indicators Say?

The ACM TradingView indicators (on the 1 day) mainly indicate ACM as a Strong Buy, except the Oscillators which indicate ACM as a Buy.

So Why Did ACM Breakout?

General market sentiment seems to suggest cryptos are hopefully turning back bull run season after recent price corrections. Another reason for this sudden pump in price could be whales secretly buying ACM for the coming Altcoins rally. Recent news was also announced regarding the Partnership between FTX and Chiliz.