The BNB Chain powered Spartan Protocol (SPARTA) cryptocurrency is a DeFi protocol that allows users to access a number of functions, such as synthetic asset creation, token swapping, staking, etc. Furthermore, the SPARTA cryptocurrency, with a pricing infrastructure, makes sure that it can trade without the need for external oracles.
The EVM-enabled protocol uses Proof-of-Stake Authority (PoSA) consensus to verify transactions within the protocol. Additionally, the SPARTA protocol also uses Proof-of-Burn (PoB) consensus, which is designed in such a way as to ensure that no one takes unfair advantage of the system.
The SPARTA cryptocurrency on August 5 was down 23.46% as of 7:00 a.m. (GMT +1), according to CoinMarketCap.
Why is SPARTA crypto going down?
The exact reason for the drop in SPARTA crypto is still unclear, but it may be due to its recent performance in the last 14 days. In fact, the SPARTA crypto is down 23.9% in the fortnight, and over the last week, it’s down 32%, according to CoinGecko.
The performance of the SPARTA token is also visible on its charts as it witnessed more reds than greens.
Image Credit: Business View
The RSI of the SPARTA token has witnessed a sudden collapse due to a series of bearish runs. The drop saw the RSI on Friday stand at 31.17 at the time of writing.
The MACD indicators also showed a sharp drop with the signal line hovering above the MACD line. The loss of momentum may also be due to the volatility that the crypto market has witnessed of late.
Image Credit: Business View
Even the MOM indicator shows that the momentum has fizzled out in the SPARTAN market and may need a significant rally to get it back.
How is SPARTA crypto doing?
The SPARTA token was trading at $0.038041 on Friday with a trading volume of $45,02,623 at the time of writing, according to CoinMarketCap. Even though the price was trending down, it was witnessing a volume increase of more than 98% in the last 24 hours. SPARTA Cryptocurrency has a live market capitalization of 11,22,80,072 SPARTA Coins with a maximum supply of 30,00,00,000 SPARTA Coins in circulation.
While cryptocurrencies are traditionally volatile in nature, proper market research is imperative to ensure no hasty decisions are made due to unavailability of information.
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