Market Overview: Spell Token/Tether (SPELLUSDT) - 24-Hour Summary

Summary
• Price action remained within a narrow range, lacking clear directional bias.
• RSI signaled potential oversold conditions near 30, hinting at near-term support.
• Volume remained subdued, with no notable divergence from price consolidation.
• No decisive candlestick patterns emerged, though a bullish engulfing shape was visible at support.

Market Overview

Spell Token/Tether (SPELLUSDT) opened at $0.0248 at 12:00 ET − 1 and traded between $0.0243 and $0.0251 over the next 24 hours, closing at $0.0249 at 12:00 ET. Total volume stood at 1.1 billion SPELL, with a notional turnover of $28.5 million.

Structure & Formations

Price remained range-bound, with a key support at $0.0244 and resistance at $0.0251. A bullish engulfing pattern emerged near the lower boundary, suggesting short-term buyers may re-enter if the level holds.

Moving Averages

On the 5-minute chart, the 20-period and 50-period moving averages remained tightly aligned, reflecting neutral momentum. Daily chart indicators showed the 50-period MA at $0.0247, slightly above the 100- and 200-period lines, hinting at a long-term consolidation phase.

Momentum & Volatility

RSI dipped near 30, indicating potential oversold conditions, while MACD remained flat, reflecting mixed momentum signals. Volatility remained compressed within Bollinger Bands, with price hovering near the midline, suggesting low conviction in either direction.

Volume & Turnover

Volume was relatively subdued, with no sharp spikes or divergences observed. Turnover mirrored the lack of momentum, suggesting limited participation from institutional or algorithmic players.

Fibonacci Retracements

Recent 5-minute swings showed price testing the 38.2% retracement level at $0.0246, while daily retracement levels pointed to potential support at $0.0241 and resistance at $0.0256.

Looking ahead, a breakout above $0.0251 could rekindle bullish sentiment, but a retest of $0.0244 will be critical for short-term stability. Investors should remain cautious of thin volume and limited directional clarity in the next 24 hours.