Market Overview for Spell Token/Tether on 2026-01-17

Summary
• Price formed a bullish engulfing pattern at 0.0002653–0.0002663 on 5-minute chart.
• Volatility surged during 20:30–21:00 ET with high turnover and a 0.0002726 high.
• RSI suggests overbought conditions developed during midday, followed by a pullback.
• Bollinger Bands widened midday, reflecting increased short-term uncertainty.
• Volume confirmed the midday high but diverged during the afternoon selloff.

Market Overview

Spell Token/Tether (SPELLUSDT) opened at 0.0002649 on 2026-01-16 at 12:00 ET, reached a high of 0.0002754, a low of 0.0002637, and closed at 0.000271 at 12:00 ET on 2026-01-17. Total volume was 809,997,500, with a notional turnover of 219,284.05 USD.

Structure & Candlestick Formations

A bullish engulfing pattern was visible on the 5-minute chart between 17:30–17:45 ET, signaling short-term buying pressure. A large bearish candle formed during 00:15–00:45 ET, indicating selling pressure. A doji near 0.0002685–0.0002689 in early morning suggested indecision.

Trend and Moving Averages

The 20 and 50-period moving averages on the 5-minute chart crossed above key support at 0.0002680 after midday, supporting a short-term upward tilt. On the daily chart, the 50-period MA held above 0.0002665, with price closing above both 50 and 200-day averages, indicating a potential continuation of the medium-term bullish trend.

Momentum and Relative Strength

RSI hit overbought territory (70+) during the 20:30–21:15 ET window, followed by a pullback to neutral levels. MACD showed a positive crossover during the early afternoon, with a bearish divergence forming in the later hours.

Volatility and Bollinger Bands

Bollinger Bands expanded significantly during the 20:30–21:30 ET window, with price reaching the upper band at 0.0002726. This suggests increased volatility. A subsequent contraction occurred in the early morning, indicating a potential pause in aggressive price movement.

Volume and Turnover

Volume spiked during the 20:30–21:15 ET period, confirming the bullish breakout. However, turnover began to lag after 05:00 ET, suggesting weakening conviction in the upward move. Divergence between rising price and falling turnover after 08:00 ET indicates caution.

Fibonacci Retracements

Key Fibonacci levels from the 0.0002637 low to the 0.0002754 high were tested throughout the session. Price stalled near the 61.8% retracement level (0.0002706) in the early morning before surging higher.

Looking ahead, traders may watch for a retest of the 0.0002706–0.0002726 range and for signs of follow-through buying. However, divergences in volume and RSI suggest a potential consolidation phase ahead. As always, sudden macroeconomic or market-specific news could disrupt the current trajectory.