Our SPELL token price prediction is still bearish as the price has failed to generate any reversal signal. The investor interest in DeFi coins has significantly decreased since last year. The ongoing slump in Bitcoin price has further dried up the liquidity. SPELL crypto is trading more than 96% below its all-time high of $0.035.
SPELL token is the native asset of the Abracadabra protocol. The coin allows its holders to govern the underlying protocol. Abracadabra users can also mint stablecoin Magic Internet Money (MIM) by depositing crypto as collateral.
As per the recent SPELL token news, the Stargate Degenbox strategy is live now. This would allow Abracadabra to enhance the yield on interest-bearing collaterals. This applies to all the Stargate Cauldrons, no matter what chain they are on.
Abracadabra Money currently supports five blockchains, i.e. Ethereum, Avalanche, Fantom, Binance Smart Chain and Arbitrum. There has been a significant decrease in the platform TVL since the start of 2022. The TVL now stands at $671 million, down by almost 90% since January 2022. SPELL token is available on all major DEXs of the supported blockchains.
SPELL Token Price Prediction
Not much has changed since our last update on SPELL. It is currently trading at $0.00132. This is 96% below its November 2021 all-time high of $0.035. It is sitting on the 245th rank on Coingecko with a market cap of $120 million.
Technical analysis of the SPELL USD price chart shows that the price has broken below the falling wedge. A massive capitulation tanked the price to $0.00097 level on 12th May. Consequently, the price has entered a bearish accumulation phase, likely to continue.
If the price doesn’t break above $0.002 soon, then any SPELL token price prediction of below $0.001 might become valid. Any bullish move is unlikely as long as the Bitcoin price remains in a downtrend.
The collapse of the Terra ecosystem has forced investors to stay away from algorithmic stablecoins like MIM. This decrease in demand has intensified the selling pressure on SPELL.
SPELL USD Daily Chart
