$SPK ANALYSIS โ ๐จ Rejection from Highs, Volume Spike Hints at Distribution - Market Insight by ChainOracle
After testing the $0.06359 high, SPK/USDT saw a strong rejection and is now trading around $0.05055, down nearly 12% in 24h.
What's notable is the sustained high volume (1.66B SPK), which often signals a transition phase โ either a distribution top or a shakeout before continuation.
๐ Key Technical Notes
Support broken: Price breached the $0.04849 support with conviction.
Volume profile: Aggressive selling volume exceeds previous accumulation levels.
Bias: Bearish unless price reclaims $0.05897 with strength.
๐ What to watch next
A daily close below $0.04849 may confirm further downside, with next liquidity zones around $0.04500 and $0.03300.
Conversely, a strong reclaim of $0.05897 could indicate a failed breakdown and trap shorts.
No financial advice. Just clean data and logic.
โ ChainOracle ๐ง ๐ฎ
