- SPELL token price action shows a bullish breakout of a rising channel.
- The SPELL/BTC pair trades at 0.000000449 BTC with a rise of 17.95%.
- The 24 -hours volume of the token is $197 Million, indicating a 105% rise.
The SPELL coin price rose more than 19% in the past 24 hours. Thus, resulting in the bullish breakout of the rising channel in the 4-hour chart. Moreover, the price retests the resistance trendline of the channel providing an excellent entry spot.
Additionally, the EMAs showcase bullish alignment as the price reaches higher than all the crucial EMAs in the 4-hour chart. Moreover, the 100 and 200 period EMA give a bullish crossover.
Furthermore, the price action of SPELL coins has shown a rise in underlying bullishness and the pivot point suggests resistance levels around the $0.028 and $0.033 mark, if the price exhibits bullish pressure. Additionally, on the reverse side the support line is located at $0.020 as well as at the $0.015 mark.
At the time of writing this analysis, it is around $0.2254.
Will The SPELL Token Price Breach The $0.030 Mark?
As we’ve already discussed, it appears that the SPELL coin is increasing the chances of a bullish continuation trend and the price action shows multiple candles with lower price rejection. Therefore, it is evident that the bulls are in total control of the trend.
The RSI indicator is a sign of an increase in the underlying bullishness as the slope cruises to the 65% mark and reaches close to the overbought zone.
Furthermore, the MACD as well as the signal line of the Moving Average convergence divergence indicators are both moving higher than the neutral zone (0.00) which indicates that the token is experiencing bullish momentum.
Conclusion: From a technical perspective, the SPELL coin indicates increased trend momentum. However, the lower price rejection in the daily chart increases the chances for a uptrend continuation to the $0.026 mark.
Support – $0.020 and $0.015
Resistance – $0.028 and $0.033
DISPELLLAIMER: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.