- SPELL’s price at $0.001018 surpasses MA50 and MA200, signaling bullish strength; golden cross adds confidence for upward momentum.
- High trading volume of 17.67B SPELL indicates strong buyer interest but warns of potential corrections from profit-taking.
- Key resistance at $0.0010171; breaching $0.0012000 could lead to $0.01. Support at $0.0007992 ensures stability if corrections occur.
At the time of writing, SPELL was trading at $0.001018, a 28.40% increase in the last 24 hours and 37.30% rise over the past week. With a market cap of $157.52 million, this token is on an upward move. Javon Marks has noted important trends and indicators that could lead to SPELL’s bullish breakout.
Trends and Price Movement
Recent market activity shows SPELL having a sharp increase followed by a pullback. The transition from a consolidation phase in early November to an upward breakout in mid December has led to substantial price movements. These trends show the token’s volatility and potential for major price swings.
Key Indicators and Levels
The Bollinger Bands show an upper band at $0.0010171, a middle at $0.0007992, and a lower band at $0.000581. The recent break of the upper band suggested strong bullish momentum, though the subsequent retracement hints at a possible correction.
Additionally, the MACD line is at 0.0000346, above the signal line at 0.0000236, with a positive histogram of 0.0000110, suggesting continued bullish momentum. Volume trends have been crucial, with 17.67 billion SPELL tokens traded today.
The increase in volume during upward price movements suggests strong buyer interest. However, the current selling pressure, as seen in today’s volume, points to potential profit taking or panic selling.
Support and Resistance Levels
Immediate resistance is at $0.0010171, aligning with the upper Bollinger Band and today’s high. A psychological resistance at $0.0012000 is also evident. On the support side, the middle Bollinger Band at $0.0007992 is the immediate support, with a stronger support at the lower band of $0.0005813. A breach below these supports could push prices toward lower levels.
Moving Averages and Price Interaction
The 50 day Moving Average (MA50) is at $0.000784, with the 200 day Moving Average (MA200) at $0.00076. The recent price surge above these moving averages further supports the short term bullish strength.
The MA50’s crossover above the MA200 in mid November, known as a golden cross, complements this bullish outlook. However, the sharp rise also suggests a risk of correction, particularly if the price falls below the MA50 support.
Long Term Trends and Historical Context
Looking at a longer term, SPELL’s price history shows a sharp decline from highs near $0.25 in early 2022 to lows around $0.002 by late 2023. This extended downtrend reflects sustained bearish sentiment.
However, since mid 2023, the price has shown signs of stabilization and accumulation, with recent recoveries hinting at a potential bullish phase. Resistance at $0.01 and $0.02 could serve as future targets if the recovery continues.