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- 1 Spell token price prediction suggests that the price is in the bullish zone showcasing bullishness.
- 2 SPELL crypto grew by almost 13.42% this week.
Spell Token (SPELL) functions as an incentive token linked to abracadabra.money, a platform that permits the use of tokens that accrue interest (ibTKNs) as a pledge for borrowing a stablecoin tethered to the USD, known as Magic Internet Money (MIM).
The platform leverages Kashi Lending Technology, initially developed by SushiSwap, to create distinct lending environments, enabling users to tailor their risk preferences based on their chosen collateral. Participants have the option to lodge collateral and secure MIM loans against it.
Additionally, abracadabra.money provides avenues for yield farming, where participants can commit their liquidity provider (LP) tokens to cultivate SPELL. This process enhances the liquidity for specific crypto pairs, notably Ether (ETH)-Spell Token (SPELL) and Magic Internet Money (MIM)-LP 3pool Curve (3CRV). Moreover, users can engage in leveraged farming by utilizing MIM borrowed against their interest-accumulating collateral.
Technical Analysis of Spell Token
Spell token price has been in a bullish trend and it recorded a 52-week high of $0.00189 on March 02, 2024. SPELL crypto price has gained 173% in the last two months and recently it has surpassed the 20-day exponential moving average. The SPELL price has tried three times to sustain the $0.00150 hurdle but sellers are strong enough to drag down the price.
According to the technical chart, the Spell token price has been struggling between the 0.00100 and $0.00160 levels this month. Yesterday, the Spell token price was pumped by 22%, and trading volume was pumped by 300% as compared to previous days. Spell token price prediction suggests that the price may perform positively for the next few days because it is supported by the trading volume.
At press time, the Spell crypto price was trading at $0.0013271 with an intraday loss of 9.43%, indicating bullishness on the charts. It has a monthly return of 41% and 108% yearly. It has a market cap of $142.41 Million. Indicators are bullish and suggest the SPELL price will reach higher levels in upcoming trading sessions.
SpellCrypto Price vs Volume Analysis
The volume and price graph suggest that the trading volume has increased in the last few days and the price has also inclined. In the last few days, the price has grown tremendously. Therefore, the price is expected to grow in the long term.
SpellCrypto Social Dominance vs Social Volume
Based on the social dominance and social volume graph, the social dominance and social volume have been increasing for the last few days which has left a positive impact on the price. Furthermore, the momentum of Spell price may depend upon the change in social dominance and volume dominance.
Summary
Spell crypto price prediction is bullish for the long term and suggests the bullish momentum might continue. SPELL price is inside the bulls’ grip so the probability of the price rising in upcoming weeks remains high.
Technical Levels
Support Levels: $0.0011028.
Resistance Levels: $0.0017994.
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
