The Spell token price has bounced back as the demand for the coin jumped. SPELL is trading at $0.0230, which is the highest it has been since November 12. It has jumped by more than 273% from the lowest level this month. It has brought its total market capitalization to more than $1.8 billion, making it the 80th biggest cryptocurrency in the world.
What is the Spell Token?
SPELL is the native token for the Abracadabra network. This is a decentralized platform that enables people to borrow money. It describes itself in a relatively simple way. You simply deposit your collateral to the platform and then you instantly receive your stablecoins. To reverse the situation, you just return the coins to the spellbook and then the locked interest-bearing coins are released.
Spell Token price prediction
The four-hour chart shows that the SPELL price has bounced back in the past few weeks. The coin has managed to move above the key resistance level at $0.0215, which was the highest level on December 7th. It has managed to move above the 50% Fibonacci retracement level.
Also, it has risen above the 25-day and 50-day moving averages. The coin has also formed a cup and handle pattern. Therefore, there is a likelihood that the coin will keep rising as bulls target the key resistance level at $0.02628. This view will be invalidated if the price falls below the key support at $0.018.