Filecoin's (FIL) price has been adversely impacted by the bearish market, falling below the $6 threshold, as bears have the upper hand. Moreover, the struggle of Bitcoin to maintain its value above $30,000 has also affected other coins, preventing them from climbing their nearest resistance levels.
As Filecoin (FIL) struggles in the market, investors have turned their attention to other promising projects, one of which is Sparklo (SPRK). Analysts have predicted that Sparklo's (SPRK) value has the potential to skyrocket by 40x due to precious metals' overall appeal to investors
Filecoin (FIL) Witnesses Sharp Sell-Off
Filecoin (FIL) is currently experiencing consolidation on the daily chart, with a slight decrease of 1.2%. However, over the past week, the coin has seen a significant depreciation of almost 17%.
The technical analysis suggests a bearish trend with reduced accumulation and demand. If the sellers continue to drive the price down, it will add more pressure to the bearish market.
For Filecoin (FIL) to exceed the $5.50 price, more buyers need to enter the market in upcoming trading sessions. A decline in market capitalization indicates mounting selling pressure, emphasizing the significance of the overall market strength of Filecoin (FIL).
Currently, Filecoin (FIL) trades at $5.20, with resistance at $5.60, and a successful surpassing of this level could propel it towards $6 and possibly even $6.30.
If Filecoin (FIL) fails to trade at its current level, it will establish local support at $4.90. However, if the price falls below this mark, it will intensify the bears, driving the coin down to $3.80. Moreover, in the previous session, the amount of Filecoin (FIL) traded indicated a drop in demand, reflecting a bearish sentiment in the market.
Sparklo (SPRK) Unveils Fractionalized NFT Investments InPrecious Metals
Sparklo (SPRK) is a Web3 investment platform that enables fractionalized investments in precious metals such as silver, gold, and platinum through non-fungible tokens (NFTs). Users have the option to purchase the entire NFT or a portion of it.
Investors who purchase full NFTs can have the precious metals physically delivered to them. Sparklo (SPRK) also intends to partner with jewelry stores to introduce their products on the platform's market.
Analysts predict that the token's value could potentially surge 40 times in the upcoming months due to the high appeal of precious metals among investors.
With the global inflation rate on the rise, investors are actively seeking ways to safeguard their wealth. Rate metals such as silver, gold, and platinum have always been considered a reliable hedge against inflation.
As a result, many investors are transitioning towards other investment opportunities. Sparklo'sinvestment in precious metals via the purchase of Sparklo (SPRK) tokens offers a viable opportunity for investors to invest in these metals.
Find out more about the Sparklo presale:
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.