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Are Bulls Still In the Game?

2 Mins read

Spell crypto price retraced its recent gains and fell further breaking below the key 50-Day and 200-Day EMAs. The bulls found it difficult to surpass the recent high as they lost momentum. The bears then took it as an opportunity and dragged the price lower, breaking below the key EMAs. 

The recent fall has put the short term investors under pressure. However, a positive candle was noted on the daily chart yesterday which signified the buyers’ presence at the recent support. 

Furthermore, the buyers could not hold up for the second consecutive day and bears again seem to be winning in the morning session and eroded 50% of yesterday’s gains at the time of writing. 

Spell token (SPELL) is a token which is used for rewards associated with a lending and borrowing platform known as “abracadabra.money”. Users can also farm SPELL by providing liquidity to certain pairs or leverage their borrowing power to increase their returns. 

The remaining tokens are allocated to farmers, team members, and initial investors. The token emission rate decreases by 50% every year for ten years. It also gives the users a say in the platform, depending on how much they stake. 

Spell Token Edges Lower On Monday: Are Bulls Still In the Game?

Spell Token Crypto Price Technical Analysis

The technical outlook for the Spell token remains under pressure as the bulls have failed to defend yesterday’s gains and bears are again attempting to drag the price lower. 

A firm collapse below could put downward pressure on the Spell token price to approach the lower demand zones. 

The relative strength (RSI) indicator on the chart dropped to 36.11 on Monday pointing to a potentially brief bearish tilt. The RSI line fell below the mean line signifying weakness.

Spell Token Price Prediction January 2024

Spell Token Edges Lower On Monday: Are Bulls Still In the Game?
Source: SPELL/USD by TradingView

The short term price prediction for Spell token may turn positive if the price bounces back above 200-day EMA. The analysts have a wide range of price targets for January, lying between $0.000693 on the positive side to $0.000408 on the negative side.

Spell Token Price Prediction 2024

The most optimistic forecast of the analysts hopes that the SPELL crypto may advance to a high of $0.0009325 by 2024 end. Whereas, the pessimistic outlook suggests the crypto may rise to $0.0007708.

Spell Token Price Prediction 2025

By next year, the SPELL crypto may continue to climb higher. The price may therefore advance to a high of $0.00121 suggesting an upside potential of 132.82%. The pessimistic view of analysts expect the price to reach a high of $0.00101.

Spell Token Price Prediction 2026

According to the most optimistic forecast of the analysts, the SPELL price could reach as high as $0.00148 over the next two years. The minimum price projection made by the analysts by 2026 end is $0.00118.

Spell Token Crypto Price Prediction 2027

The price analysis for the year 2027 shows that the SPELL cryptocurrency may achieve $0.00178 as the highest price. The bearish view of the analysts expects the price to reach a low of $0.00141 by 2027.

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Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
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