$SPELL Spell Bearish Patterns ā ļøš® | Weak Technicals & Market Pressure Rising šš»
šŖ Spell is losing momentum as charts flash bearish patterns across multiple timeframes šš. The market structure is breaking down, with sellers dominating key zones and strong resistance holding firm āš.
š RSI flattening signals fading buyer strength šÆā”ļø, while the MACD bearish crossover confirms downward momentum šØšš». These indicators show the market leaning toward more sell pressure increasing š„š°.
š„ Volume spikes are mostly red, reflecting buy volume declining and panic selling creeping in šš£. Each attempt at recovery faces rejection, forming lower highs ā a classic setup before deeper drops ā¬ā ļø.
š¦ On-chain, exchange balances are rising šØš¦, meaning tokens are moving back to trading platforms, likely for selling. At the same time, whale distribution is underway š³š¦, signaling big players are unloading positions.
š± Meanwhile, social sentiment is cooling āļøš¬, with hype fading fast. Retail wallet growth is slowing down šš, showing less fresh demand entering the ecosystem.
ā³ With market uncertainty weighing heavily, the path of least resistance looks downward. Unless a surprise breakout signal flips the narrative, Spell could retest lower support zones soon š°ļøš.
Traders must stay cautious here ā chasing dips without confirmation is risky. Manage risk āļø, because in choppy markets, patience pays off š§š°.
š„ If bearish momentum continues, Spell might slide further before finding strong support. Stay sharp ā volatility is here. šØšš»
ā ļø Not financial advice ā always DYOR š§ š
