SPELL Token Falls 2% As Crypto Market Declines Further

Bearish Spell token price prediction bets continue to permeate the crypto market space after the SPELL/USDT pair declined 2.25% on the back of bearish pressure. The crypto market decline of Monday has ensured that the SPELL token is on course for the third day in red territory. 

Monday’s decline has taken the SPELL token below the rectangle pattern, following an intraday violation of the rectangle’s lower boundary at the 0.00398 price mark. However, the breakdown of the rectangle is yet to be confirmed as the price has not yet met the price/time filters required for confirmation. 

The SPELL token is the reward token for the Abracadabra DeFi platform. It has seen a consistent decline since its listing on the Binance exchange in December 2021. In an interview with the US Sun, Keegan Francis, a crypto enthusiast at Finder.com, had expressed his opinion of the token being a pump and dump scheme. Francis says the token’s failure to recover losses when the market saw a bit of an upsurge in March is his reason for classifying the token as such and the basis of his bearish Spell token price predictions. The SPELL/USDT pair is down 2.25% as of writing. 

Spell Token Price Prediction

The breakdown of the 0.00398 support has opened the door for a potential decline towards 0.00332 (14 March 2022 low). This move requires additional bearish momentum, which comes from rejecting the return move towards the broken support. There is a potential for the 0.00368 price mark (24 February and 10 March lows) to serve as a pitstop to this downward move. Any breakdown of the 0.00332 price support sends the SPELL/USDT pair into record low territory.

On the flip side, a penetration close above the 0.00398 price mark preserves the sanctity of this area as price support. This also opens the door for a potential bounce move that targets 0.00435 (12 April high). Additional barriers to the north exist at the 0.00464 price mark (24/31 March 2022 highs) and the 0.00510 resistance level (2 March and 6 April highs). Finally, 0.00544 is yet another potential target to the north, having witnessed a touch from the high of the 7 April 2022 candle. 

SPELL/USDT: Daily Chart

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