Man City Fan Token Price Prediction – Down 5%, Can it Pump Back to $10?

cryptonews.com:

Manchester City Fan Token (CITY) has declined by 5% in the past 24 hours, dropping to $5.87. This level represents an 8% decline in a week and a 12% fall in a month, with the Chiliz-based token suffering from the ongoing negative investor sentiment that has plagued much of the market in 2022.

Back in April, CITY held a price of $18.01, its record over the past 12 months. It has since witnessed a steady decline, dropping to a 12-month low of $4.16 by the middle of May before mounting a slight but steady recovery over the following months.

However, with Manchester City FC itself continuing to do well on the football pitch, and with underlying platform Chiliz/Socios.com also witnessing expansion this year, it's likely only a matter of time before CITY recovers to former levels.

CITY's all-time high currently stands at $36.19, set back in August of 2021. This came some four months after the fan token was first launched, with the coin priced at around $23 when it was initially picked up by CoinGecko and other trackers.

At the moment, CITY's technical indicators reflect today's (and this week's) decline. Its relative strength index (purple) is down to around 35, while its 30-day moving average (red) continues to hover below its 200-day average (blue).

Of course, such indicators can be taken to mean that CITY is due for a rebound of some kind in the near future, with the coin being oversold as things stand.

When such a rebound comes, however, is the big question. Looking at the wider market, high inflation and rising interest rates continue to depress the global economy, with stock markets also taking a hit in the past 24 hours. 

This means that CITY is likely to remain subdued until the world's economy turns a corner, which arguably