The crypto market is highly competitive as new cryptos emerge every day fighting for dominance. The Sparklo (SPRK) token is a new player that has joined the race and is on track to surpass Zcash (ZEC) in market capitalization. Meanwhile, Ethereum (ETH) has fallen below a crucial support level.
Ethereum (ETH) Price Fails to Remain Above Critical Support
Today, Ethereum (ETH) was unable to maintain its long-term breakout and has dropped below the key support level of $1,930. As a result, Ethereum’s (ETH) long-term price outlook is uncertain.
The bullish argument is that it broke a long-term resistance line, which typically indicates a new trend in the opposite direction after the previous one ends.
By analyzing the daily time frame, technical analysts have identified two possible scenarios for Ethereum’s (ETH) price movement, making it difficult to predict. The bearish count is the primary one, while the bullish count is an alternative.
These predictions rely on the Elliott Wave theory, which examines investor psychology and recurring long-term price patterns to determine market trends. The bearish outlook for Ethereum’s (ETH) price predicts a correction after a five-wave upward movement (white).
However, if Ethereum’s (ETH) price rises above $2,140, this bearish outlook will no longer be valid. Instead, Ethereum (ETH) could potentially reach the next resistance level at $2,550, despite the current signs pointing towards a bearish momentum.
Zcash (ZEC) Price Jumps By 6%
Zcash (ZEC) is a decentralized cryptocurrency renowned for its anonymity and privacy features. Utilizing zk-SNARK technology, Zcash enables anonymous transaction verification. Established in 2016, Zcash is distinguished by the privacy it provides, which is absent in other cryptocurrencies such as Bitcoin (BTC) or Ethereum (ETC).
Although Zcash (ZEC) performed well in 2021, it experienced a significant decline in value in 2022 and has not yet fully recovered. However, analysts have a positive outlook for Zcash’s future, predicting that its value will rise once again.
According to CoinGecko, Zcash (ZEC) is $38.81 today, a 6.11% price increase in the last 24 hours, and an 8.82% price decline in the past 7 days.
Sparklo (SPRK) Token Presale: Invest In Precious Metals Now
Sparklo (SPRK) is a Web3 platform that facilitates investment in precious metals like silver, gold, and platinum through NFTs. These NFTs can be purchased in whole or fractional units, and those who purchase the full NFT have the option of receiving the physical metal at their doorstep.
InterFi Network has conducted an audit of the reserves on the platform, ensuring that it is secure for investors. Currently, Sparklo (SPRK) is in its initial token presale phase, offering each token for $0.015.
Due to anticipated growth in demand for rare metals, Sparklo (SPRK) tokens are projected to appreciate significantly in value, potentially increasing by up to 40 times by the end of this year. Smart investors are already amassing Sparklo (SPRK) tokens before the end of the presale season.
Find out more about the Sparklo presale:
Website: https://sparklo.finance
Presale: https://invest.sparklo.finance
Twitter: https://twitter.com/sparklo_finance
Telegram: https://t.me/sparklofinance
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