- SPEEL token price sustains above the $0.00106 bullish point of interest.
- The 24-hour trading volume of SPELL is at $13.24 million.
- Technical indicators summary suggested a neutral perspective on the current sessions.
Spell Token (SPELL) is a reward token associated with a lending platform called abracadabra.money. The platform borrows a USD-pegged stablecoin called Magic Internet Money (MIM) using interest-bearing tokens (ibTKNs) as collateral. Abracadabra is a multichain protocol that has a Spell Token. The token is available in various Blockchains like Ethereum (ETH), Avalanche (AVAX), Fantom (FTM), and Arbitrum.
SPELL has Produced a Remarkable Return of 90% in the Last Month
Spell token price witnessed massive buying from the $0.00047 demand zone on February 5, 2024. The price increased almost 300% and struck above the $0.00187 resistance level. This move converted the total market view of the SPELL.
The price is reflecting bullish sentiments in the current trading phase. However, Spell Crypto is facing some profit bookings from the $0.00187 resistance. At present, the price sustains above the $0.00106 decisional point of interest (POI).
Spell Token Supply Statistics
Spell has a maximum supply of 196.00 billion SPELL tokens, of which 107.40 billion SPELLs are currently in circulation. That is 54.80% of the maximum supply. The fully diluted valuation of this project is assumed to be $227.81 million.
The current market capitalization stands at $124.80 million. These statistics define the token deflationary nature. However, the other 55.20% of SPELL tokens are yet to be released. This holds the possibility of creating inflation in the cryptocurrency.
Price to Volume and Social Dominance
Spell token social dominance witnessed an upsurge at the end of February 2024. The social buzz captured almost 0.299% of the entire crypto social network. However, this goes only for a week, and now the dominance is slowly fading to 0.055%.
The visibility of trading volume is also fading day by day, but the price does not have much impact. 24-hour trading volume has declined by 41.61%, ranked 370th out of all 9,245 active cryptocurrencies.
Technical Analysis of the SPELL Token Price
The 50-day and 200-day exponential moving averages have witnessed multiple crossovers from December 2023 to February 2024. However, both the EMAs had a golden crossover at $0.00057, which reflected the proper bullish sentiments.
The spell token price is facing resistance multiple times from the $0.001175. It sustains above the $0.00092 bullish POI and is getting bullish reactions from that zone. The price may give a breakout from the $0.00187 resistance unless it slips below $0.00080.
Moreover, the relative strength index (RSI) reflects an internal bearish divergence in the price momentum. This indicates the selling pressure is higher in the current phase. RSI is moving at 48.47 below the signal line.
Summary
Lastly, the SPELL price has been witnessing bullish sentiments since September 2023. The EMAs made multiple crossovers near the $0.00053 bullish POI, making it a strong support for the trend continuation. Analysts have a bullish view of the Spell token price prediction. The price may be more likely to reach $0.00200 by the end of April 2024.
Technical Levels
- Resistance Levels: $0.00187 and $0.00294
- Support Levels: $0.00092 and $0.00080
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.