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- 1 The Spell token price signifies follow-on selling pressure and has dragged to the oversold region.
- 2 Bears persist in pushing the token and are willing to breach the $0.0008000 mark.
The Spell price is at its make-or-break region and is hovering around the 200-day EMA mark, which signifies a bearish chart structure. For the past weeks, the token has persisted in delivering lower and low swings and revealed seller dominance. The trend is bearish, and the buyers did not manage to hold out and stayed on the back foot. Followed by the market downturn, the token has eroded over 38% of gains this week.
At press time, the Spell token (SPELL) price traded at $0.0008347 with an intraday drop of 7.33%, reflecting neutrality on the charts. It has a monthly return ratio of -29.27% and 6.78% on a yearly basis. The pair of SPELL/BTC is at 0.0000000132 BTC, and the market cap is $118.25 Million. Analysts are neutral and suggest that the Spell token may gain momentum and will replicate a bounce soon.
SPELL Price-to-Volume Profile On Daily Charts
The above chart showcases the price-to-volume profile of the Spell token, which signifies bearishness for the past weeks. Amidst the bull rally noted in March month, the buyers failed to hold gains at highs, and slow & steady sellers stretched the down move and regressed the gains, leading to retesting of the 200-day EMA mark. The intraday trading volume dropped over 23.78% to $10.43 million.
Price Volatility and Weighted Sentiment Outlook
Amidst the price consolidation this week, notable fluctuations in the price volatility curve were spotted on the charts, replicating investor interest. The volatility curve noted a decline of over 23.78%, dragging to 0.029. However, the weighted sentiment replicated neutrality, and the value stayed near the midline at around -0.059.
Social Dominance and Twitter Followers Overview
The Social Dominance noted a minimal decline over 7.90% to 0.047%, replicating a neutral outlook in the discussion reports on media platforms in the last trading sessions. However, the Twitter followers data noted a surge of over 78% and bounced to the $110 mark.
Development Activity and Total Open Interest Insights
Per the Santiment data, the development data witnessed a retracement move, after a notable surge and decisively stayed above the midline around 21.98, glimpsing a positive outlook. However, the derivative data signifies long unwinding, reflecting profit booking; the open interest dropped by 17.89% to $5.90 Million in the last 48 hrs.
Per the Fib levels, the Spell price has slipped below its 38.2% zone and is hovering near its 23.6% support zone around the $0.0008200 mark. Similarly, the RSI curve stayed in the oversold region, and a negative crossover was noted on the charts.
The total supply of the Spell token is 340.51 Billion, whereas the volume-to-market cap ratio is 0.0882, ranked 345 in terms of market cap in the global crypto market.
Summary
The Spell token price signifies bearishness and trades near the make-or-break region around the $0.0008000 mark. If the token fails to hold gains, the token may replicate a sharp fall and soon retest the demand zone of $0.0007500.
Technical Levels
Support Levels: $0.0008100 and $0.0007800
Resistance Levels: $0.0008400 and $0.0008700
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.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
