Sparklo (SPRK) is expected to outperform Zcash (ZEC), Ethereum (ETH) falls below critical support

The crypto market is highly competitive as new cryptos emerge and compete for dominance every day. The Sparklo (SPRK) token is a new player to join the race and is on track to surpass Zcash (ZEC) in market cap. Meanwhile, Ethereum (ETH) has fallen below a crucial support level.

Ethereum (ETH) price fails to stay above the critical support

Today, Ethereum (ETH) failed to sustain its long-term breakout and broke below the key $1,930 support level. Hence, the long-term price outlook of Ethereum (ETH) is uncertain.

The bullish argument is that a long-term resistance line has been broken, which typically indicates a new trend in the opposite direction after the previous one ends.

By analyzing the daily timeframe, technical analysts have identified two possible scenarios for Ethereum (ETH) price action that make it difficult to predict. The bearish count is the primary while the bullish count is an alternative.

These predictions are based on Elliott Wave theory, which examines investor psychology and recurring long-term price patterns to determine market trends. Bearish outlook for Ethereum (ETH) price predicts a correction after a five-wave bullish move (white).

However, if Ethereum (ETH) price surges above $2,140, ​​this bearish outlook will no longer be valid. Instead, Ethereum (ETH) could potentially reach the next resistance level at $2,550, although current signs point to bearish momentum.

Zcash (ZEC) price surges 6%

Zcash (ZEC) is a decentralized cryptocurrency known for its anonymity and privacy features. Using zk-SNARK technology, Zcash enables anonymous transaction verification. Founded in 2016, Zcash is characterized by its privacy, which is not found in other cryptocurrencies such as Bitcoin (BTC) or Ethereum (ETC).

Although Zcash (ZEC) performed well in 2021, it experienced a significant drop in value in 2022 and has not yet fully recovered. However, analysts are positive about the future of Zcash and expect Zcash’s value to rise again.

According to CoinGecko, Zcash (ZEC) is today at $38.81, representing a price increase of 6.11% in the last 24 hours and a price decrease of 8.82% in the last 7 days.

Sparklo (SPRK) token presale: Invest in precious metals now

Sparklo (SPRK) is a Web3 platform that facilitates investments in precious metals such as silver, gold and platinum via NFTs. These NFTs can be purchased in whole or partial units, and those who purchase the entire NFT have the opportunity to have the physical metal right at their doorstep.

InterFi Network has conducted an audit of the reserves on the platform to ensure it is safe for investors. Currently, Sparklo (SPRK) is in its first token pre-sale phase, offering each token for $0.015.

Due to the expected surge in demand for rare metals, the value of Sparklo (SPRK) tokens is expected to appreciate significantly, potentially up to 40x by the end of this year. Smart investors are already accumulating Sparklo (SPRK) tokens before the end of the pre-sale season.

Find out more about the Sparklo presale:

Website: https://sparklo.finance
Pre sales: https://invest.sparklo.finance
Twitter: https://twitter.com/sparklo_finance
Telegram: https://t.me/sparklofinance

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