Spell Token/Tether Market Overview

Summary
• Price declines from a high of $0.0002887 to a 24-hour low of $0.0002757 amid volatile 15-minute swings.
• Strong volume concentrated in late afternoon ET, with price falling sharply after 15:00 ET.
• RSI and MACD signals suggest overbought exhaustion earlier in the session, followed by oversold conditions.

Spell Token/Tether (SPELLUSDT) opened at $0.0002887 at 12:00 ET–1, reached a high of $0.0002958, and closed at $0.0002793 at 12:00 ET, with a low of $0.0002757. The 24-hour volume totaled 462,335,792.0, and the notional turnover was approximately $134,316. The asset exhibited a sharp downward move after 15:00 ET, with bearish momentum intensifying into the late evening.

Structure & Formations

Price action over the past 24 hours displayed a mix of bearish and neutral candle formations, including a large bearish engulfing pattern forming after 16:00 ET, signaling potential trend continuation. A doji formed around 05:00 ET, suggesting indecision after a morning rally. Key support levels emerged at $0.000285 and $0.000279, with resistance at $0.000293 and $0.000296.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages showed a bearish crossover late in the session, reinforcing downward momentum. On the daily chart, the 50-period SMA currently sits above the 200-period SMA, indicating short-term bearish bias against the long-term trend.

MACD & RSI

The MACD showed bearish divergence with price, particularly in the late afternoon, as the histogram expanded negatively. RSI entered oversold territory after 17:00 ET, suggesting potential short-term rebound, though bearish exhaustion may persist. The RSI’s failure to close above 30 on multiple occasions indicates ongoing bearish control.

Bollinger Bands

Volatility expanded sharply as price dropped below the lower band after 15:00 ET, signaling potential exhaustion. The bands were relatively narrow in the early morning, but this contraction did not lead to a breakout—it instead set up a sharp breakdown. Price currently resides well below the middle band, indicating bearish momentum.

Volume & Turnover

Volume spiked significantly after 15:00 ET, with a massive 19,572,174.0 contracts traded as price fell below $0.00028. This volume confirmed the bearish move, as it aligned with the price drop. However, in the late evening, volume decreased despite the continued downtrend, raising the possibility of a short-term pause or consolidation phase.

Fibonacci Retracements

On the 15-minute chart, price fell below the 61.8% Fibonacci retracement level of the morning’s bullish swing, reinforcing bearish bias. On the daily chart, the 38.2% retracement is now at $0.000291, which could serve as a potential short-term resistance if a rebound occurs.

Backtest Hypothesis

The data-retrieval tool was unable to locate a price/RSI feed for the symbol “SPELLUSDT” on Binance, likely due to an incorrect ticker format or an absence of the pair in the database. To proceed, it is necessary to confirm the exact exchange-ticker (e.g., “OKX:SPELL-USDT”), provide an alternative data source, or consider using a proxy such as CoinGecko data for price and RSI calculation. Once a valid ticker is identified, a backtest can be run from 2022-01-01 to today, using a 5-day-hold strategy triggered when RSI falls below 30. Performance metrics such as return, drawdown, and win rate will then be generated.