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- 1 The Spell token crypto retraced recent gains and fell to a major support.
- 2 A break below $0.0005050 level could push the SELL crypto to navigate the lower demand zone at $0.000408 level.
Spell crypto price retraced its recent gains and fell further breaking below the key 50-Day and 200-Day EMAs. The bulls found it difficult to surpass the recent high as they lost momentum. The bears then took it as an opportunity and dragged the price lower, breaking below the key EMAs.
The recent fall has put the short term investors under pressure. However, a positive candle was noted on the daily chart yesterday which signified the buyers’ presence at the recent support.
Furthermore, the buyers could not hold up for the second consecutive day and bears again seem to be winning in the morning session and eroded 50% of yesterday’s gains at the time of writing.
Spell token (SPELL) is a token which is used for rewards associated with a lending and borrowing platform known as “abracadabra.money”. Users can also farm SPELL by providing liquidity to certain pairs or leverage their borrowing power to increase their returns.
The remaining tokens are allocated to farmers, team members, and initial investors. The token emission rate decreases by 50% every year for ten years. It also gives the users a say in the platform, depending on how much they stake.
Spell Token Crypto Price Technical Analysis
The technical outlook for the Spell token remains under pressure as the bulls have failed to defend yesterday’s gains and bears are again attempting to drag the price lower.
A firm collapse below could put downward pressure on the Spell token price to approach the lower demand zones.
The relative strength (RSI) indicator on the chart dropped to 36.11 on Monday pointing to a potentially brief bearish tilt. The RSI line fell below the mean line signifying weakness.
Spell Token Price Prediction January 2024
The short term price prediction for Spell token may turn positive if the price bounces back above 200-day EMA. The analysts have a wide range of price targets for January, lying between $0.000693 on the positive side to $0.000408 on the negative side.
Spell Token Price Prediction 2024
The most optimistic forecast of the analysts hopes that the SPELL crypto may advance to a high of $0.0009325 by 2024 end. Whereas, the pessimistic outlook suggests the crypto may rise to $0.0007708.
Spell Token Price Prediction 2025
By next year, the SPELL crypto may continue to climb higher. The price may therefore advance to a high of $0.00121 suggesting an upside potential of 132.82%. The pessimistic view of analysts expect the price to reach a high of $0.00101.
Spell Token Price Prediction 2026
According to the most optimistic forecast of the analysts, the SPELL price could reach as high as $0.00148 over the next two years. The minimum price projection made by the analysts by 2026 end is $0.00118.
Spell Token Crypto Price Prediction 2027
The price analysis for the year 2027 shows that the SPELL cryptocurrency may achieve $0.00178 as the highest price. The bearish view of the analysts expects the price to reach a low of $0.00141 by 2027.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
