Spell Token(SPELL)/USDT Technical Analysis: 07 February 2022

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!

Spell Token(SPELL)/USDT Technical Analysis at a Glance

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. 

Additional Read: Crypto Taxation Guide Budget 2022

Spell Token(SPELL) Technical Indicators & Pivot Points

Technical Indicators

Pivot Points

Summary

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(SPELL)/USDT Technical Analysis for the Week

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 price is undergoing huge price variations while keeping the upper resistance lowered and lower support elevated. 
• Just before reaching the apex of the symmetrical triangle, a notable influx of liquidity escalated the price beyond the consolidation
• Woefully, the gains are on the verge to get flipped as the price is re-entering the symmetrical triangle and yet again at its apex
• The possibility of the price hitting the lower support at $0.00649 is pretty high before making yet another large move. And hence with the next jump, the asset could rebound and hit the immediate resistance at $0.00730
• Once the uptrend is sustained the upper and the important resistance may be tested and also an attempt to clear these levels may be successfully carried out

Spell Token(SPELL)/USDT Technical Analysis for Today: 02 February 2022

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%. 

Where & How to buy Spell Token(SPELL)

The best place to purchase or sell Spell tokens or any of your favourite cryptocurrencies is CoinDCX. You can easily trade from a wide range of crypto assets and also get access to multiple features. Along with hassle-free trade, CoinDCX offers unlimited chart access of your favourite coins along with indicators to help make better decisions. The order placement is also pretty fast so that the user does not lose any important deals and many more.

Registering here is very simple:

• Download the CoinDCX App on your smartphone
• Enter the required details along with your bank account number
• On bank verification, fund your wallet and buy or trade your favourite assets.

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