Spark Market Overview: Volatility and Momentum Shifts in a 24-Hour Window

• Price declined from $0.0940 to $0.0812, a 13.7% drop, with key support at $0.0810–0.0820.
• A bearish engulfing pattern formed at $0.0905–0.0897 (16:30–17:00 ET), confirming momentum shift.
• Volume spiked to 3.3M at the 15:00–15:15 ET (ET) session, but price continued lower, signaling weak conviction.
• RSI hit oversold territory near 30, suggesting potential for a rebound, though trend remains bearish.
• Bollinger Bands widened as volatility increased, with price near the lower band at close.

Market Overview

Spark (SPKUSDT) opened at $0.0940 on 2025-07-28 12:00 ET, reached a high of $0.0940, fell to a low of $0.0812, and closed at $0.0814 on 2025-07-29 12:00 ET. Total volume for the 24-hour period was 44.6 million units, with a notional turnover of $4.02 million. The price trend was clearly bearish, with multiple failed attempts to retest key resistance levels.

Structure & Formations

The price structure shows a strong bearish bias, with a large bearish engulfing pattern forming at $0.0905–0.0897 on the 15-minute chart, signaling a shift in control to sellers. A doji formed at $0.0885–0.0885 (21:30–21:45 ET), indicating indecision, but was followed by further selling. Key support levels are now at $0.0810–0.0820, with $0.0780 as a deeper, longer-term level.

Moving Averages

On the 15-minute chart, the 20- and 50-period moving averages are in a steep bearish alignment, reinforcing the downtrend. On the daily chart, the 50- and 100-period MAs have crossed to the downside, with the 200-period MA acting as a potential long-term floor at $0.0800. This suggests a continuation of bearish momentum is likely unless a strong reversal occurs.

MACD & RSI

The MACD has been negative for the majority of the 24-hour period, with a bearish crossover and expanding histogram confirming the strength of the downtrend. The RSI has dropped to 30, entering oversold territory, which could support a short-term bounce. However, given the strength of the bearish move, this is more likely to be a shallow rebound than a trend reversal.

Bollinger Bands

Bollinger Bands have expanded significantly as volatility increased during the 24-hour period. Price closed near the lower band at $0.0812, suggesting a potential retest of the mid-band at $0.0840–0.0850 could occur. However, without a strong reversal candle, the likelihood of breaking above the upper band is low.

Volume & Turnover

Volume spiked during the early stages of the sell-off, particularly at 15:00–15:15 ET, when 3.3 million units traded at $0.0801–0.0802, but this was followed by a continuation lower, indicating weak conviction. The notional turnover of $4.02 million was concentrated in the lower half of the price range, suggesting aggressive selling. No strong divergence was observed between price and volume.

Fibonacci Retracements

Applying Fibonacci to the $0.0940–0.0812 move, the 38.2% retracement is at $0.0868 and the 61.8% at $0.0897. A retest of the 61.8% level may occur if a short-term bounce materializes. On the daily chart, the 50% retracement of the $0.1000–0.0800 swing is at $0.0900, which could act as a key resistance level if the trend reverses.

Spark may face a short-term bounce near $0.0810, but the broader bearish trend remains intact. Investors should monitor for a break above $0.0850 as a potential sign of reversal. However, increased volatility and low liquidity could lead to sharp, unpredictable swings, so caution is advised.