$SPELL / USDT – Showing Signs of Bottoming? 🧙♂️
$SPELL is currently trading at $0.0006268, up by a modest +2.20%. The 4-hour chart shows some recent green candles after a period of decline, potentially indicating a bottoming formation.
Potential Scenario:
Observation: $SPELL has found support around the $0.00060 level and is showing some upward momentum. It needs to break above the recent highs to confirm a stronger reversal.
Possible Trade Considerations (Watch for Breakout):
Entry: Consider potential entries on a break above the recent high around $0.000635 with increasing volume. Alternatively, look for support to hold around the $0.00062 level for a potential bounce.
Target 1 (if breakout): $0.000645
Target 2 (if breakout): $0.000660
Final Target (if breakout): $0.000670+ (testing previous resistance)
Stop Loss (if breakout entry): Place a stop-loss below the breakout level, perhaps around $0.000630.
Stop Loss (if bounce entry): Place a stop-loss below the $0.000620 support, perhaps around $0.000615.
Key Observation: Monitor if SPELL can break above the $0.000635 resistance level with good volume to confirm a potential trend reversal.
Remember to conduct your own thorough analysis before making any trading decisions.
