$SPELL Has shown bullish momentum, with some mentioning a breakout from a falling wedge pattern and a 12-76% rally in the past week. This could indicate short-term strength, but confirm with current candlestick patterns (e.g., bullish engulfing or continuation patterns).
Key Levels:
Support: Look for recent lows where the price tends to bounce.A support zone around $0.00046–$0.00052.
Resistance: Identify areas where the price struggles to break through. Recent chatter points to resistance near $0.00064, $0.00077, and up to $0.00101–$0.0017.
Use these levels to gauge potential reversals or breakouts.
Indicators:
Moving Averages (MA): Check the 50-day and 200-day simple moving averages (SMA). A 50-day SMA above the 200-day SMA (golden cross) suggests bullishness, while the opposite (death cross) indicates bearishness. The 50-day EMA above the 200-day EMA recently, a positive sign.
Relative Strength Index (RSI): RSI around 44–56 was mentioned recently, indicating neutral momentum. RSI above 70 signals overbought conditions (potential pullback), while below 30 suggests oversold (possible bounce).
MACD: Look for the MACD line crossing above or below the signal line. A bullish crossover (MACD above signal) supports upward momentum, while a bearish crossover hints at weakness.
Volume Analysis:
Rising volume on price increases confirms bullish strength, while low volume on rallies may suggest weakness. A volume spike during a recent price jump from $0.000502 to $0.000635, indicating buyer interest.
If SPELL is trading around $0.00059 (as per recent X posts), it’s likely testing resistance near $0.00064. A breakout above this with strong volume could push it toward $0.00077 or higher.
If it fails to break resistance, it might retest support near $0.00052–$0.00046. A drop below $0.00046 could signal a deeper correction.
Not Financial Advice, DYOR!!
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