Spartan Protocol (SPARTA) crypto dips over 40%. Here’s why

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Spartan Protocol (SPARTA) crypto dips over 40%. Here’s why

 Spartan Protocol (SPARTA) crypto dips over 40%. Here’s why
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Highlights

  • The BNB Chain powered Spartan Protocol (SPARTA) crypto is a DeFi protocol that allows the users to access a host of features such as that of creation of synthetic assets, swapping of tokens, staking, etc.
  • The SPARTA crypto on 5 August was down by 23.46% at 7:00 AM (GMT +1), according to CoinMarketCap.
  • The SPARTA token on Friday was trading at US$0.038041 with a trading volume of US$ $45,02,623 at the time of writing, as per CoinMarketCap.

The BNB Chain powered Spartan Protocol (SPARTA) crypto is a DeFi protocol that allows the users to access a host of features such as that of creation of synthetic assets, swapping of tokens, staking, etc. Additionally, the SPARTA crypto, with an internal pricing infrastructure, makes sure that it can operate without the need of any external oracles.

The EVM-enabled protocol uses the Proof-of-Staked Authority (PoSA) consensus to verify transactions within the protocol. Besides, SPARTA protocol also utilises the Proof-of-Burn (PoB) consensus, which is designed in such a manner to ensure that there was no-one takes undue advantage of the system.

The SPARTA crypto on 5 August was down by 23.46% at 7:00 AM (GMT +1), according to CoinMarketCap.

Why is SPARTA crypto dropping?

The exact reason for the SPARTA crypto’s dip is still unclear but it may be because of its recent performance in the past 14 days. The SPARTA crypto in fact was down by 23.9% in the fortnight, and over the past week, it was down by 32%, according to CoinGecko.

The SPARTA token’s performance is also visible in its charts as well as it was witnessing more reds than greens.

Image credit: Trading View

The RSI of the SPARTA token has witnessed a sudden collapse due to a string of bearish runs. The drop saw that the RSI on Friday stood at 31.17 at the time of writing.

The MACD indicators too showcased a sharp decline with the signal line hovering above the MACD line. The momentum loss may also be due to the volatility that the crypto market has witnessed of late.

Image credit: Trading View

Even the MOM indicator shows that the momentum has fizzled out of the SPARTAN market and may need a significant rally to pull it back.

How is SPARTA crypto faring?

The SPARTA token on Friday was trading at US$0.038041 with a trading volume of US$ $45,02,623 at the time of writing, as per CoinMarketCap. Even though the price was witnessing a downward trend, it was witnessing a volume gain of over 98% in the past 24 hours. The SPARTA crypto has a live market cap of 11,22,80,072 SPARTA coins with a maximum supply of 30,00,00,000 SPARTA coins in circulation.

While cryptos traditionally are volatile in nature, it is imperative to do proper market research to ensure that one doesn’t take any haste decisions due to the unavailability of information.

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The BNB Chain powered Spartan Protocol (SPARTA) crypto is a DeFi protocol that allows the users to access a host of features such as that of creation of synthetic assets, swapping of tokens, staking, etc. Additionally, the SPARTA crypto, with an internal pricing infrastructure, makes sure that it can operate without the need of any external oracles.

The EVM-enabled protocol uses the Proof-of-Staked Authority (PoSA) consensus to verify transactions within the protocol. Besides, SPARTA protocol also utilises the Proof-of-Burn (PoB) consensus, which is designed in such a manner to ensure that there was no-one takes undue advantage of the system.

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