Spark Price Tests Key Support, Will the Bulls Eye $0.0759?

Spark price has been falling 3.12% overnight to $0.06686 and losing nearly 10% over the past week. The token’s market cap now sits at $106.58 million, while trading volume surged to $541.6 million. SPK briefly rallied to $0.085 before retreating, suggesting that traders remain cautious near resistance levels. 

The recent pullback coincides with notable institutional involvement in Spark’s ecosystem. Since early August, large holders have steadily accumulated SPK. This was highlighted by one entity deploying 1.15M ETH, which is worth around $79 million, into Spark’s DeFi infrastructure. 

Furthermore, Tether’s integration of Spark into its WDK platform on August 14 strengthened its institutional use case. These developments helped offset SPK’s 32% monthly decline, reinforcing confidence in its $6B+ TVL and competitive 12.65% USDS APY.

SPK Price Analysis

From a technical ground, SPK price found a solid footing at the 78.6% Fibonacci retracement level near $0.06645f. The RSI-14 has recovered from the oversold territory of 30 to current levels around 44. Meanwhile, the MACD reflects slowing bearish momentum.

Successively, the key resistance levels to watch are the 7-day SMA at $0.0735 and the pivot point at $0.0759. A confirmed daily close above $0.0759 would justify a short-term reversal, thereby opening the door toward $0.0835. On the flip side, failure to hold above $0.066 could expose SPK to fresh lows, with secondary support around $0.05957.

Overall, traders are viewing the $0.066–$0.069 range as an accumulation zone, given SPK’s 75% rally during the 60 days preceding July’s correction. However, momentum remains fragile until bulls reclaim the $0.0759 threshold.

FAQs