Spell token, which began the trading journey recently is fighting to nullify the downtrend. It maintained well above $0.02 to end the yearly trade 2021. But the price fell into a deep bearish well with the beginning of the year 2022, which dragged the price down by more than 80%. At the press time, the asset has no doubt recovered more than 25%, yet a decision is to be made shortly that would decide the next leg!
The SPELL price is swinging within a very narrow range since the beginning of February 2022. After hitting the lows below $0.06, the price rebounded well but limited its reach much below $0.07. Currently, the asset is consolidating well so that it may accumulate strength as the next move has jumped beyond chopping around the consolidation.
|Short Term||No doubt the price ranged a little high yet may scramble some pullbacks due to lack of strength in the rally and the buying volume|
|Mid-Term||The SPELL token is trying hard to maintain a notable uptrend and hence despite minor pullbacks, the price may maintain surging towards the north|
|Long-Term||As the price has bottomed hard, the possibilities of a huge spike may not occur any time shortly|
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|Technical Indicator||Value(1Hr / 1D)||Value(1Hr / 1D)|
|StochasticRSI(StochRSI)||79.48 / 41.7||Neutral / Neutral|
|MACD(12,26)||0.00006 / -0.00241||Buy / Buy|
|Average Directional Index(ADX)(14)||23.7 / 16.64||Neutral / Neutral|
|Average True Range(ATR)||0.00014 / 0.00156||Neutral / Neutral|
|Pivot Points||Short Term||Long Term|
The Spell token which has flipped the bottom levels in the short term is manifesting a notable bullish trend. While most of the indicators remain neutral yet point out towards a notable uptrend. The StochRSI & RSI both have deviated towards the south after surging high, yet may stabilize and resume an uptrend soon. On the other hand, no clear signals have been displayed with the MACD as no notable buying volume has been accumulated.
The ATR is the short -term & long-term has maintained a constant downtrend indicating the reduction in the volatility rate. Moreover, the ADX, the strength indicator, is swinging between the higher & the middle bands in STF, therefore pointing to the rally to be significantly strong. However, in HTF, the ADX has risen firmly from the lower levels and is swinging within the higher bands, hence indicating the rally to be extremely strong and may undertake a notable uptrend.
The SPELL price has just flipped the 50-day MA in the short term and ranged high. No doubt the asset is trying very hard to maintain above these levels, yet it may eventually test these levels once again before pulling the next leg up. The immediate resistance is also not much distant from the current levels and hence with the next bounce, the price may pierce through the immediate resistance and test the upper resistance in HTF above $0.00860.
Spell token price underwent a notable uptrend after falling down the cliff just before closing the monthly trade. However, after hovering along with the important resistance levels, the asset slid down and smashed the lower support levels. Further, the asset successfully recovered to some extent displaying a little strength. But woefully, the SPELL price is yet again feared to test the lower support before making the next move.
Source: Tradingview Date: 07-02-2022 Time: 2:00pm
The Spell token began the monthly trade on a notable bullish note as the price maintained a notable ascending consolidation. However, within a couple of days, the asset quickly fell into a descending trend which drained nearly 24% of its value. Reaching the bottoms below $0.006, the buyers jumped and uplifted the price above $0.007, which remained short-lived. After another attempt surging high, the SPELL price is yet again falling prey to the bears slowly.
The Spell token price at the press time is $0.006951 with a jump of nearly 3.59% compared to the previous day’s close. The trading volume also remained slashed by nearly 1.17% but with 42% of the total supply in circulation, the market cap is currently around $570 million with a jump of nearly 4%.
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