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$SPK Sharp Rejection & Range Breakdown | Bearish-to-Range Setup
SPK is trading near $0.0218, showing strong volatility after rejection from highs, with price now slipping back into a range zone.
๐น Market Structure
Clear lower high formation after rejection at $0.0247.
Price dipped to $0.0172 and bounced, but failed to sustain bullish momentum.
Current structure: Sideways consolidation with bearish pressure.
๐น Key Levels
Support Zones:
$0.0210 โ $0.0205 (intraday base)
$0.0185 โ $0.0172 (major demand zone)
Resistance Zones:
$0.0232 โ $0.0247 (strong supply zone)
$0.0250 (major breakout level)
๐น Volume Analysis
Selling volume spiked during breakdown, showing distribution near highs.
Recent volume is cooling, signaling possible consolidation before next move.
๐น Technical Outlook
EMAs stacked bearishly โ trend still weak
RSI bounce โ short-term relief possible
Above $0.0233 โ bullish reversal zone
Below $0.0205 โ risk of deeper drop
๐ Summary
SPK remains technically weak, but base-building near support could trigger a short-term rebound. Trend flips bullish only above $0.0233. Until then, range trading with caution is preferred.
Trade with patience. Protect capital. Let price confirm. ๐
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