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- 1 The SPELL price shows a double top formation and is hovering near the 50-day EMA mark.
- 2 Technical Indicators are suggesting a bearish outlook for the following sessions.
The SPELL token price signifies selling pressure and has formed rejection candlesticks multiple times from $0.001700. Moreover, the trend is showcasing the bear strength, and the token intends to retest the lower support zone near $0.001000 soon. The chart delivers the lower low swings, and the token is witnessing profit booking and has eroded over 40% of gains this month.
At press time, the SPELL token (SPELL) price was trading at $0.001171 with an intraday drop of 2.40%, reflecting selling pressure on the charts. It has a monthly return ratio of 51.20% and 63.89% on a yearly basis. The pair of SPELL/BTC is at 0.0000000181 BTC, and the market cap is $164.17 Million. Analysts are neutral and suggest the SPELL token may continue to fall and will retest the 200-day EMA mark soon.
SPELL Price To Volume Profile Signifies Weakness
The data shows that the SPELL price is in the range and is hovering around the make-or-break region of $0.001100, which, if it breaks, the token will continue to go on a lower track and may retest the support zone of $0.001000 soon. The trading volume remained below average, dropping by 26.76% to $12.23 million.
The Relative Strength Index (RSI) curve stands below the midline and depicts a negative crossover on the charts. Additionally, the MACD indicator shows a bearish crossover and forms red bars on the histogram.
Price Volatility and Sentiment Analysis
The above data shows that the token has delivered minimal fluctuations, and the price volatility curve remained average, noting around 0.026, signifying the neutral outlook. Similarly, the total weighted sentiment remained in the negative territory, revealing low investor interest.
Social Dominance and Active Social Users Overview
Per the Santiment data, the token has witnessed nominal moves in the social dominance data, and the value stands near 0.131%. However, active social users noted a significant drop in both Telegram and Twitter platforms, signifying that investors’ approaches have changed and are showing their interest.
Development Activity and Open Interest Outlook
The development activity noted a sharp spike; the value jumped over 500% to 7.07 this month. Similarly, the total number of holders keeps increasing, and the value is around 33.2k. However, the open interest noted a significant decline of over 2.33% to $10.71 million, signifying the long unwinding data.
The total supply of the SPELL token is 340.51 billion, whereas the volume-to-market cap ratio is 0.0742.
Summary
The SPELL token signifies weakness and will retest the prompt support zone of $0.001000 shortly. Moreover, the price action suggests a further fall, and the sellers will continue to push the token in the following sessions.
Technical Levels
Support Levels: $0.001000 and $0.0009700
Resistance Levels: $0.001280 and $0.001400
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
