Choosing the best cryptocurrency to buy during a down market might be difficult. While there are many options, Sparklo is one of the best. Though new, data shows that Sparklo has the potential to create a positive impact in the crypto industry.
While old cryptocurrencies like KuCoin and Shiba Inu (SHIB) mar their reputations and investors’ sentiment, Sparklo (SPRK) has been and is building its image to become the go-to platform for precious metal investments.
KuCoin’s Possible Engagement in Scams
A community member reportedly came up with a wallet address that was allegedly used to launch many meme coin rug pulls every day for more than two years. This address allegedly belongs to a user of the cryptocurrency exchange KuCoin. KuCoin says that the user’s assets won’t be blocked, though, if law enforcement does not formally inform the exchange.
On April 26, a Twitter user found a wallet address that has been releasing two to five memecoins every day for the last two years. KuCoin “owned and controlled” the wallet addresses, according to a different community member. The aforementioned address has already been marked as a fake phishing wallet by blockchain explorer Etherscan as of today.
KuCoin, in a statement it gave to Cointelegraph, recognized that the wallet address belonged to one of its users. KuCoin also ordered Cointelegraph to notify law enforcement of any suspicious conduct and to provide any relevant documents to the team if community members saw it.
Shiba Inu (SHIB) Gradual Decline Towards Support
The Shiba Inu (SHIB) price has been down for much of the year, despite short-term patterns providing positive indicators near a support line. As a result, there can be an upward movement for Shiba Inu (SHIB). How this fits into the long-term negative trend is still up for debate.
According to a review of the daily time frame, the Shiba Inu (SHIB) price has been moving inside of a symmetrical triangle since June 2022. This pattern is viewed as neutral since both an upward breakout and a downward breakdown are equally likely to happen.
Since a resistance line was rejected on February 4th, when the price of Shiba Inu (SHIB) was in the middle of the triangle, it has been falling.
Data from TradingView shows that the daily Relative Strength Index (RSI) reading indicates that the decline will continue. Traders use the RSI as a momentum indicator to determine if the Shiba Inu (SHIB) token should be purchased or sold.
While the RSI reading is above 50 and the trend is up, bulls continue to be in control; however, if the reading is below 50, the situation is the opposite. The RSI dipped below 50 last week (red circle), and is still falling, indicating a bearish trend.
Sparklo (SPRK): Go-to Platform for Precious Metal Investments
Sparklo, a cutting-edge cryptocurrency investment platform, intends to give everyone unmatched access to the expanding cryptocurrency market. Through the platform, you can invest in fractional NFTs that are backed by gold, silver, and platinum bars.
The auditing and KYC verification methods used by the team were successful, giving buyers and investors of Sparklo (SPRK) tokens a sense of security for their investments.
Currently, Sparklo is in a pre-sale status. One Sparklo (SPRK) unit is now $0.015. However, by 30th April the presale price will increase by 13%, from $0.015 to $0.017. By the end of 2023, analysts project that it will be worth 4,000% of its current price.
Find out more about the Sparklo presale:
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