1️⃣ Insight Summary:
SPELL is trading at ultra-low levels and sitting below a key value area. Despite concerns about fundamentals and major selling pressure, we're watching for a potential bounce opportunity if liquidity steps in.
2️⃣ Trade Parameters:
Bias: Long (Speculative Play)
Entry: Around $0.00050 or slightly below — deep within value area low
Stop Loss: Below recent wick low to avoid fakeouts
TP1: $0.00083
TP2: $0.000913
Partial Exits: Consider trimming if price shows weakness before TP1
3️⃣ Key Notes:
SPELL is the governance token of the Abracadabra Money platform. While it offers yield-bearing deposits and borrowing via Magic Internet Money (MIM), there are serious doubts about its long-term viability.
There's been a major increase in open interest, with aggressive buyers stepping in — but also heavy spot selling, possibly from insiders or large holders.
Price momentum is weak, and volatility is high. This trade is high risk and based on technical liquidity zones, not fundamental strength.
Keep in mind, if price can reclaim and hold above the value area high, we may see better continuation and chances for compounding positions.
4️⃣ Follow-up Note:
This idea will be updated if SPELL reclaims key levels or shows stronger bullish structure. Otherwise, we stay cautious and patient.
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Disclaimer: This is not a financial advise. Always conduct your own research.