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

• Price formed a bullish impulse on the 15-minute chart, with a late-day breakout.
• Volume surged by 15% in the final 3 hours, confirming the bullish momentum.
• RSI hovered near 60, suggesting moderate strength without overbought conditions.
• Bollinger Bands showed moderate expansion, indicating rising volatility toward the close.

Spell Token/Tether (SPELLUSDT) opened at $0.0004521 at 12:00 ET - 1 and reached a high of $0.0004649, closing at $0.0004649 at 12:00 ET. Total trading volume reached 526,371,090.0, with $236,900.00 in notional turnover over 24 hours.

Structure & Formations

The 15-minute chart shows a key support at $0.0004532, tested and rejected twice before the late-day breakout. A strong bullish impulse candle formed around 19:00 ET, signaling renewed buying pressure. A potential resistance zone lies between $0.0004625 and $0.0004649, which was cleared with strong volume. No significant bearish reversal patterns were observed, but a bullish engulfing pattern at $0.000461–$0.0004625 confirmed the breakout.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both in ascending order, with the price above both. The 20SMA at $0.0004613 and 50SMA at $0.0004607 appear to provide dynamic support. Over the daily chart, the 50DMA, 100DMA, and 200DMA remain aligned in a bullish configuration, supporting the longer-term uptrend.

MACD & RSI

MACD turned positive after 18:45 ET, with a histogram showing expanding bullish momentum. RSI climbed steadily to 61, indicating strength without overbought conditions. The oscillator suggests that upward momentum is still building, and a move toward the 65–70 level may signal the need for a pullback or consolidation.

Bollinger Bands

Volatility expanded significantly in the final 4.5 hours, as Bollinger Bands widened from a narrow $0.0000024 range to $0.0000078. The price closed near the upper band at $0.0004649, suggesting strong conviction in the breakout. A retest of the upper band may trigger a pullback or continuation depending on volume.

Volume & Turnover

Trading volume spiked after 19:00 ET, with over 52 million units traded between 19:00 and 21:00 ET, coinciding with the breakout move. Notional turnover also surged, confirming the move is backed by institutional or large-cap buyer interest. No notable divergences between volume and price action were observed, signaling solid momentum.

Fibonacci Retracements

A 15-minute swing from $0.0004532 to $0.0004649 shows the 38.2% retracement at $0.0004586 and 61.8% at $0.0004623. The price has cleared the 61.8% level, with the 78.6% retracement at $0.0004649 acting as an immediate target. On the daily chart, a 38.2% retracement at $0.0004581 and a 61.8% retracement at $0.0004649 align with the current breakout level.

Backtest Hypothesis

A potential backtesting strategy could involve entering long positions on the close of a bullish breakout candle that forms after a 15-minute consolidation phase (e.g., a doji or narrow range candle), followed by a close above the 20SMA with a confirmation candle. Stop-loss could be placed just below the breakout candle’s low, while take-profit targets could align with the 61.8% and 78.6% Fibonacci levels. This approach leverages the observed breakout pattern and aligns with the observed increase in volume and RSI strength.