Since reached a summit of $ 0.19 on July 23, SPK has seen its price dive by 50% in the middle of an intense profit activity.
The net slowdown occurs while the bullish feeling around the token continues to weaken, which increases the possibility of new short -term losses.
Spk Whales Retreat, the bears take over
Data on the Nansen chain reveal that major holders – gatekeepers worth more than a million dollars – have regularly reduced their SPK exposure. Since July 23, token sales through these whale wallets have dropped by 27%, highlighting retirement by the main stakeholders.
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The impact could be even more pronounced if short -term holders – many of whom are generally quick to leave in the first sign of weakness – to follow.
With an increased conviction already eroding, a new wave of distribution of “paper” investors could worsen the sale, pushing SPK more deeply in the correction territory.
Confirming the downward trend more, the SPK elder rays index shows a constant weakening of the bullish momentum. Since the start of the drop in prices, the indicator has printed the green bars – generally a sign of strength of the buyer.
However, their sizes have gradually shrunk at each negotiation session. This contraction indicates a regular drop in the PURP PROCESS OF SPK, which confirms the retirement of the market.
In addition, the lowering feeling is reflected in the token in the long term market by its long / short ratio. At the time of the press, the report is 0.91, indicating a growing preference for short positions on long.
The long metric / short measures the proportion of upward positions (long) to lower (short) positions on the long -term market of an asset. When the report is higher than one, there are more long positions than the shorts. This suggests a bullish feeling, most traders expecting the value of the asset to increase.
On the other hand, a long / short ratio less than 1 means that more traders bet on the price of the assets to decrease than those who expect it to increase.
In the case of SPK, the current ratio of 0.91 suggests that traders are positioning themselves more and more for more decline, confirming the pessimistic prospects observed in market sales.
SPK bears tighten grip as the volume falls
At the time of the press, SPK is negotiated at $ 0.085, which allowed 7% of its value in the past 24 hours. In the middle of the broader drop in activity on the cryptography market, the Altcoin trading volume plunged more than 30% during this period.
When the price of an asset and the volume of trading drop, it signals to weaken market interest and discolor the momentum. This combination suggests a lack of confidence of buyers in the SPK and refers to a potential for decline.
In this case, the SPK value could drop to $ 0.067.
However, a peak of demand could trigger a break greater than $ 0.091.
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