Several major cryptocurrencies are experiencing a downtrend currently, with only a few altcoins showing minor gains.
Factors such as the upcoming US rate hikes and increasing Bitcoin mining difficulty could have affected the market negatively. While altcoins like Polygon (MATIC) And Stellar (XLM) are plunging, analysts have predicted a bullish outlook for Sparklo (SPRK)
Polygon (MATIC) Continues To Plunge
Bitcoin and Ethereum’s recent price fluctuations appear to be affecting other tokens in the market. Polygon (MATIC) has fallen below $1, with bears pressuring the token’s price. Since April 19th, Polygon (MATIC) has gradually entered a downtrend, reaching $0.966 today.
The price of Polygon (MATIC) has dropped close to the $0.9321 support – a level that acted as a major pivot point on January 1, 2023. If it reaches this level, Polygon’s (MATIC) RSI will enter the oversold territory, likely prompting a bullish rally.
Traders should anticipate a price rise as Polygon (MATIC) enters the overbought zone. The next support level is at $0.7472, while resistance levels are $1.026 and $1.1914.
Franklin Templeton Adopts Stellar (XLM) Blockchain, Bullish Momentum Coming?
Investment management firm Franklin Templeton revealed that the Franklin OnChain U.S. Government Money Fund has exceeded $270 million in assets under management (AUM).
As stated in a Stellar (XLM) press release, the Fund’s official share ownership record is maintained through a blockchain-integrated system, leveraging Stellar’s (XLM) blockchain technology for transaction activities.
The crypto community sees this announcement as another achievement for Stellar (XLM). With more projects adopting Stellar, it could contribute to a potential price increase.
However, Stellar’s (XLM) native token, experienced an 11.91% decline in a week and is currently at $0.09266, down 1.11% in 24 hours. Like many altcoins, Stellar (XLM) is facing bearish sentiment and trading in the red zone.
Sparklo (SPRK): A New Investment Opportunity For Gold Lovers
Sparklo (SPRK) wants to introduce the first decentralized investment platform allowing investors to become fractional owners of rare and precious metals like gold, silver, and platinum. Sparklo (SPRK) is interested in breaking the barriers that have prevented retail investors from participating in the precious metals market.
By minting NFTs backed by these metals and fractionalizing them, investors can have partial or full ownership. Additionally, purchasing 100% of an NFT entitles investors to physical delivery of the metal to their specified location. This means they can receive a physical gold, silver, or platinum bar when they buy a full NFT.
Meanwhile, Sparklo (SPRK) plans to collaborate with jewelry stores, presenting new products to the crypto community, while investors gain discounts and early access to the items. The niche in which Sparklo (SPRK) will be operating just smells of opportunity and potential for growth.
Experts predict Sparklo as an essential metal trading and investment sector player with an anticipated 2,500% value surge to reach $0.40 by Q4 2023. At just $0.015 in Level One presale, the Sparklo token presents an opportunity for investors to get in before price jumps.
Find out more about the Sparklo presale:
Website: https://sparklo.finance
Presale: https://invest.sparklo.finance
Twitter: https://twitter.com/sparklo_finance
Telegram: https://t.me/sparklofinance
