In this Spell technical analysis, we will examine the current price action, trading volume, key levels and indicators for SPELL-USDT. Spell is a decentralized platform that utilizes blockchain technology to provide users with a secure and transparent way to create, share, and monetize their digital content. With Spell, creators can easily publish and distribute their work without the need for intermediaries, while still maintaining control over their intellectual property. By leveraging smart contracts and token-based incentives, Spell aims to foster a community-driven ecosystem that rewards content creation and collaboration.
Spell Price Overview:
As of July 08, 2024, Spell is trading at approximately 0.00061 USDT. Let’s dive into the detailed price action for SPELL-USDT:
| Metric | Value |
|---|---|
| Open (O) | 0.00059 |
| High (H) | 0.00063 |
| Low (L) | 0.00057 |
| Close (C) | 0.00061 |
| Volume (C) | 1,729,922,479.00 |
- Open (O): The opening price for today’s trading session was approximately 0.00059 USDT.
- High (H): Spell reached a daily high of around 0.00063 USDT.
- Low (L): The daily low for SPELL-USDT was approximately 0.00057 USDT.
- Close (C): At the time of analysis, Spell is trading near its daily close of 0.00061 USDT.
| Metric | Value |
|---|---|
| 1D Change (%) | 3.37% |
| 3D Change (%) | 5.69% |
| 7D Change (%) | -12.47% |
| 30D Change (%) | -38.03% |
| 90D Change (%) | -46.67% |
| YTD Change (%) | -3.71% |
Over the past three days, SPELLUSDT has experienced a notable increase of approximately 5.69%, indicating a surge in market volatility. In contrast, its performance over the last week has been marked by a decline of around -12.47%, suggesting a waning investor interest. A 30-day analysis provides a more comprehensive view, revealing a downward trend of approximately -38.03%. Looking further back, SPELLUSDT has witnessed a substantial drop of around -46.67% over the past 90 days, reflecting a significant loss in long-term confidence. Year-to-date, SPELLUSDT has steadily declined by approximately -3.71%.
Spell Live Chart:
You can access a live price chart for SPELL-USDT on various cryptocurrency market websites or trading platforms. These charts provide real-time data, allowing you to track price movements and indicators as they evolve.
Price Volatility and Momentum:
- Volatility score is 0.75167.
- Momentum score is -0.19419.
SPELL USDT Technical Analysis
Spell Trading Volume:
The trading volume for Spell (SPELL) over the past 24 hours has been significant, with approximately 1,729,922,479.00 USDT traded against SPELL. Elevated trading volume often indicates increased market activity and can be an essential factor to consider in technical analysis.
Moving Averages:
- 50-day Simple Moving Average (SMA): SPELL is currently trading below the 50-day SMA, indicating short-term bearish momentum.
- 200-day Simple Moving Average (SMA): Spell is also trading below the 200-day SMA, indicating a negative long-term outlook.
Relative Strength Index (RSI):
- The RSI30 for SPELL-USDT is currently in the low zone, around 40.86708. This suggests that Spell is in bearish territory.
Analysis from TradingView:
Our Key Takeaways: Spell (SPELL-USDT) appears to be experiencing short-term bearish momentum, with key support and resistance levels currently in focus for traders and investors. It’s essential to monitor the USDT monthly resistance level and the USDT support level closely for potential trading opportunities. Additionally, the low RSI reading and significant trading volume are indicative of a low likelihood of upward movement, suggesting potential downward momentum.
Consider bearish sentiment for Spell (SPELLUSDT) at 6.13e-04 USDT as technical analysis emphasizes weakened support and cautionary indicators for potential downturns.
Disclaimer: The information provided herein, including any technical analysis of cryptocurrencies, is for informational and educational purposes only. It should not be considered as financial advice or a recommendation to buy, sell, or hold any cryptocurrency or make any financial decisions.
Cryptocurrency markets are highly volatile and speculative. Past performance is not indicative of future results, and there are no guarantees of profit or protection against losses. Cryptocurrency investments are subject to significant risks, including but not limited to market fluctuations, regulatory changes, and technological vulnerabilities.
Technical analysis involves the use of historical price and volume data, patterns, and indicators to make predictions about future price movements. It is a subjective and speculative approach to market analysis and should not be the sole basis for making investment decisions.