Hall Of Fame Resort Stock Rallies On NFT Partnership News: Technical Levels To Watch

Hall of Fame Resort & Entertainment Co. HOFV shares were trading higher Wednesday following the Tuesday annoucement that the company has partnered with Dolphin Entertainment Inc. DLPN to offer non-fungible tokens to football fans.

These non-fungible tokens will generate revenue for Hall of Fame Resort by selling professional football highlights as tokens.

Benzinga was first to report this partnership. 

The price was up 44.91% at $5.84 at last check. Here are technical levels to watch for Hall of Fame stock. 

Hall of Fame Resort Short-Term Chart Analysis: The 5-minute chart above shows the stock is trading in a channel between the price levels of $6 and $8.75.

The $6 level has previously held as resistance and the stock may be testing this area soon as support. If the $6 level were unable to hold as support, the price may fall to near $4.50 before the stock possibly finds support again.

The stock reached a premarket high of $8.77, and this area may hold as resistance in the future, as it was an area the stock was unable to cross before.

The price is trading above both the 200-day moving average (blue) and the volume-weighted average price (pink), indicating that the stock has a bullish sentiment for the short term. These indicators may also hold as a short-term support level.

Hall Of Fame Resort Daily Chart Analysis: The stock looks to have broken out of a previous resistance near $5 on the daily chart. The stock looks to have more resistance up near the $8 level.

Bulls would like to see the stock build up to the resistance level before breaking above. After that, bulls would like to see some consolidation before the stock may make a higher upward move.

Bears would like to see the stock fall through support. After falling through support, bears would like to see the price consolidate before possibly moving lower.