Cryptocurrencies are booming today, aligning with the US stock market, which has surged to a record high. Bitcoin is hovering near its all-time high, while the valuation of all tokens moved to a record high of over $4 trillion. This article looks at some of the top cryptocurrencies to watch today, including Spark (SPK), Terra Luna Classic (LUNC), and Zebec Network (ZBCN).
Spark crypto price crash accelerates
Spark, the sixth-biggest player in decentralized finance (DeFi), is under intense pressure as it crashed to $0.089, down by over 52% from its highest level this year. This plunge is happening as data shows that whale activity in the network is decelerating.
On the positive side, the amount of staked SPK tokens has continued rising this year and is currently at over 140 million. Also, the total value locked in the network has jumped by over 17% in the last 30 days to almost $8 billion, a sign that there is demand for its solutions.
The four-hour chart shows that the Spark crypto price has formed a double-top pattern at $0.1338 and a neckline at $0.077, its lowest swing in July. A double-top is one of the most bearish chart patterns in technical analysis.
SPK price has moved below the 50-period moving average, a sign that bears are in control. Therefore, it will likely continue falling as sellers target the key support level at $0.077. A break below that level will point to more downside, potentially to the next key support at $0.050.
LUNC in focus as Do Kwon pleads guilty
The other top cryptocurrency to watch today is LUNC, whose price has crashed in the last three consecutive days. It plunged from a high of $0.000064 on August 10 to the current $0.000061.
The token plunged after Do Kwon, its founder, pleaded guilty of wire fraud in the United States, where he is now facing a lengthy sentence. Still, in the long term, Do Kwon’s legal issues will not have an impact on the token as it has become a community project.
Technicals suggest that the LUNC price has more gains to go in the near term. The most bullish case is the fact that it has formed an inverse head-and-shoulders pattern, a highly common bullish reversal sign.
The head is at $0.000055, while the shoulders are at $0.000060 and the neckline at $0.000064. This pattern’s height is 14%, and measuring the same distance from the neckline gives a target price of $0.000073, which is a few points above $0.000072.
Zebec in focus as price stalls
Zebec Network will be in the spotlight now that its recent rally has stalled. ZBCN token was trading at $0.0050 on Wednesday, a few points below this month’s high of $0.0060, where it formed a double-top pattern, pointing to more downside.
Zebec Network has become a popular cryptocurrency this year because of its goal to disrupt the financial services industry. It is doing that by focusing on card payments and payroll services. Data shows that it is handling over $80 million a month, a trajectory that is growing.
Therefore, the most likely scenario is where the Zebec price continues falling as sellers target the 100-day moving average at $0.0037. The bearish case is also confirmed by the fact that the Relative Strength Index and the MACD indicators have all pointed downwards.
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