Spell token price has been on a tear this week. After an intense downtrend, the price has reversed abruptly, liquidating a lot of shorts. As a result, Spell coin has caught the attention of crypto enthusiasts once again. At the time of writing, the coin is trading at $0.00048.
After a 24.22% surge on Tuesday, the native asset of Abracadabra Money extended its gains by another 1.8%. Crypto markets are experiencing high volatility this week due to the release of the CPI report and next week’s FOMC meeting. Bitcoin price has broken above $26,000 after briefly dipping below $25,000 at the start of this week.
Spell Coin Is Still Down 98.6% From ATH
Despite a strong rally this week, Spell crypto is still trading 98.6% below its 2021 all-time high of $0.035. This signifies an intense downtrend and also suggests that there is no reason to turn bullish on the coin yet. Technical analysis reveals that the coin is still trading in a downtrend on a high timeframe.
Nevertheless, Spell token price has shown a strong rebound from the yearly lows and is now up 42%. According to CoinGecko, it has a market capitalization of $57.4 million. This makes it the 338th biggest cryptocurrency by market cap, with a circulating supply of 120 billion coins.
Spell Token Price Prediction
Technical analysis of Spell coin shows a clear formation of the falling wedge pattern on the daily timeframe. In case of a breakout from the falling wedge pattern, the price usually targets the top of the wedge, which currently lies at $0.0019. However, Spell is still trading within the wedge, which makes this price target a far cry.
Spell token price prediction is still bearish as it is trading well below the 200 MA on the daily chart. This key moving average aligns perfectly with the upper line of the falling wedge pattern. I expect a pullback from this level in the coming weeks.
In the meantime, I’ll keep sharing updated analysis of Spell crypto and my personal trades on my Twitter, where you are welcome to follow me.
