The price action of the SPELL/USDT pair is presently trading at support which marks 7-week lows. This also coincides with the intersection of the channel’s lower border with this support. The Spell token price predictions have an opportunity to stage a recovery if the bulls take advantage of the stall in the recent slide. This has to come from a strong bounce at the current levels.
However, today’s 1.25% decline poses a challenge to this recovery, which looked to have been on the cards when the pair gained 2.25% amid the market selloff on Monday. The price behaviour at this support could decide future Spell token price predictions.
It also depends on the future of Bitcoin price action. Lately, several calls have seen Bitcoin taking a major dip toward the 10K-12K price support. If this occurs, it could drag down the entire market in a downward direction. If today’s price action is considered, any bearish Spell token price predictions may already be at play.
From the standpoint of technical analysis, the peak of the attempted recovery in July and early August 2022 appears to have run out of steam, with the descending channel guiding price action to the downside. With the long-term trend still decidedly in the downward direction, the prevailing sentiment sees the recent slide as a resumption of the downtrend unless the bulls pull off a dramatic recovery.
Spell Price Prediction
The bounce on the 0.0010652 support level and the channel’s return line could allow for a push toward the 0.0011993 resistance (13 June and 17 September highs). If the price action breaks this resistance, it also takes out the channel’s trendline, clearing the route toward 0.0014195. Above this level, potential upside targets are seen at 0.0017085 (12 May and 9 August highs) and the 15 August 2022 high at 0.0019372.
Conversely, a breakdown of 0.0010652 invalidates the bullish perspective and instead clears a pathway toward the 0.0009019 support (2 July/13 July lows). A further extension of this downside move via unopposed bearish action creates a potential to hit 0.0006584 (12 June/19 June 2022 lows).
SPELL/USDT: Daily Chart
