Place/Date: - April 21st, 2023 at 8:29 pm UTC · 3 min read
In the crypto space, there are always winners and losers. Sparklo (SPRK) is currently gathering momentum during its stage one token presale with promises of huge returns in 2023. On the other hand, Algorand (ALGO) has been struggling to break out of its bearish price movement.
Since September 2021, the Algorand (ALGO) token price has been below a descending resistance line that has remained in the long term. Such price movements indicate a bearish trend.
Although there was an attempt to break out from the line this week, Algorand (ALGO) was unsuccessful and instead faced rejection. As a result, the token is forming a bearish engulfing candlestick.
This type of candlestick indicates a reversal pattern where the past gains are completely wiped out in the following period. The pattern is confirmed if the closing price of Algorand (ALGO) is below the last period’s opening price.
To confirm the bearish engulfing candlestick pattern in the case of Algorand (ALGO), a weekly close below $0.216 would be necessary. If this were to occur, the next support level would be at $0.170.
According to CoinMarketCap, is trading at $0.1931 by press time after dropping 6.11% in the past 24 hours. The recent struggles come after the US SEC (Securities Exchange Commission) Chairman, Gary Gensler, in a lawsuit against a crypto exchange, Bittrex, referred to Algorand (ALGO) and other tokens as “securities”.
Sparklo (SPRK) is about to become the first-ever cryptocurrency investment platform to offer customers the ability to purchase silver, gold, and platinum bars. Many individuals have faced challenges when trying to access these rare metals due to their high cost, transportation, and storage needs.
Sparklo (SPRK) aims to address these challenges by introducing fractional ownership, making these assets more liquid and accessible.
The platform will allow investors to buy these assets as NFTs backed by gold, silver, and platinum. Meanwhile, to vet its reserves, the platform has already undergone an audit by the InterFi Network, and Sparklo (SPRK) is presently processing a KYC application.
The goal of this project is to provide investors with an innovative investment opportunity to trade fractionalized NFTs backed by silver, gold, and platinum bars. This project could prove to be a game-changing development in the crypto space in the long run.
Sparklo (SPRK) is currently in its prelaunch phase, with its presale price set at $0.015. Early investors have the chance to purchase the token at a low cost, as analysts are forecasting a 400x increase in value by the end of 2023.
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