Spell Token Price Prediction: Are we in a Recovery?

Since June 19th, the Spell token price has been in a long-term bullish trend. Today, the prices look to have resumed the trend, and the price is up by 2 per cent. 

Spell Token Price History

Despite the past few weeks showing a strong and aggressive bullish trend, it is important to analyze what has been happening for the past few months. July marked the first month this year that spell token has closed with a gain when the markets closed with a price increase of 14 per cent. The trend looks to be continuing into the month of August, with prices already up by 3 per cent. 

However, looking at the larger context of what has been happening, the Spell token has been in an aggressive bearish trend. For instance, the crypto hit its all-time price high of $0.075 on November 16, 2021. Since then, the Spell token has dropped by more than 98 per cent to the current price of $0.0011. The year-to-date data also shows that spell token has dropped by more than 95 per cent, an indication of the struggle in the markets throughout the year. 

Spell Token Price Prediction

Part of the reason I went through the long-term price analysis is to put into context the current push to the upside. Despite Spell token showing an aggressive push to the upside for the past few weeks, the long-term trend is still bearish. 

Part of the reason we have seen Spell token continue to rise in the markets is due to the current cryptocurrency industry bullish push. Also, when Spell token price is looked at with a very long-term view, its current trend trajectory is still bearish. Therefore, despite the recent gains, I still expect the prices to fall in the next few trading sessions.

My Spell token price prediction expects the prices to trade below the $0.0010 price level. However, should the prices hit the $0.00120 price level, then my analysis will be invalidated. Spell token price will have broken the weekly price high and will be on its way to a long-term bullish trend.

Spell Token Daily Chart