The SPK crypto price jumped to a high of $0.1333 on Monday, its highest point since July 25. Spark was trading at $0.1200 today, August 5, up by 53% from its lowest level in July and 300% above the all-time low. It jumped as its daily volume soared by 472% to $603 million, higher than its $133 million market cap.
SPK Crypto Price Technical Analysis
The four-hour chart shows that the Spark crypto price bottomed at $0.0300 in July and then rebounded to the current $0.1200. This price is about 36% below the highest point this year.
The chart reveals that the price is between the 50% and 38.2% Fibonacci Retracement level. At the same time, the token has formed a double-bottom pattern at $0.0850 and a neckline at $0.1193, its highest point on July 30th.
SPK crypto price has moved above the 50-period moving average. It has also retested the neckline at $0.1200, indicating that a break-and-retest pattern has formed.
It has also formed an inverse head-and-shoulders pattern, a popular bullish sign. SPK has also moved above the Supertrend indicator.
Therefore, the token will likely continue rising as bulls target the 23.6% Fibonacci Retracement level at $0.1523, up by 26% from the current level.
On the other hand, a move below the support at $0.100 will invalidate the bullish SPK price forecast.
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Spark Has Strong Fundamentals
The SPK crypto price has done well in the past few weeks, helped by its strong fundamentals. For example, data shows that whales and smart money investors have continued to accumulate it in the past few days.
Smart money holdings have jumped by 238% in the last 30 days to over 1.85 million. Similarly, whale holdings of the SPK token have soared by 244% to 5.41 million in this period. This happened as the supply of Spark tokens on exchanges has dropped to 578.7 million.
Spark has also continued to accumulate assets such that it now has over $3.5 billion of USDS deployed and generating over $250 million in annualized revenue for Sky Protocol.
There are signs that the Spark token is highly undervalued compared to its peers. It has a fully diluted valuation of $1.18 billion. This valuation is smaller than that of other smaller players in the decentralized finance (DeFi) industry, like Morpho and Venus.
More crypto investors are actively staking the SPK token. Its staking market cap jumped to $163 million today, a trend that may continue in the coming months as it becomes more popular.
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