Market Overview for Spell Token/Tether (SPELLUSDT)

Summary
• Price opened at $0.000309, reached a high of $0.0003153, and closed at $0.0003082.
• Volatility increased during the early morning, with a notable swing from $0.000312 to $0.0003153.
• Volume spiked near the 23:00 ET mark, coinciding with a price push toward resistance levels.
• Overbought RSI levels during the pre-market hours suggest some profit-taking may follow.
• A bullish engulfing pattern emerged briefly but failed to hold, signaling weak follow-through buying.

Spell Token/Tether (SPELLUSDT) opened at $0.000309 on 2025-11-11 and closed at $0.0003082, with a high of $0.0003153 and a low of $0.0003043. Total volume across the 24-hour period was approximately 455.7 million, with a notional turnover of roughly $136.8 million. The price remains within a congested range, and key support appears to be consolidating around $0.000305–$0.000306.

On the 15-minute chart, the 20-period and 50-period moving averages are converging, suggesting a potential flattening trend. Price action appears to be bouncing between the 20SMA and a short-term upper band. A breakout above the 50SMA would likely require a sustained move above $0.000311, which has been a psychological ceiling in recent sessions.

The 15-minute MACD line crossed below the signal line in the final hours, indicating weakening momentum. RSI reached overbought territory (75–80) before retreating, suggesting potential for a pullback. Bollinger Bands were slightly expanded during the morning session, aligning with higher volatility. Price is currently trading near the mid-band, suggesting no clear breakout has occurred.

The volume profile shows a distinct spike at 23:00 ET, coinciding with a high-volume push toward $0.0003153. However, the subsequent pullback suggests a lack of conviction. Fibonacci retracement levels indicate that the 61.8% retracement of the $0.0003053–$0.0003153 move is at $0.0003093. Price has tested this level twice without breaking through. A failure to hold above this level could signal a bearish continuation.

The backtesting hypothesis involves analyzing the effectiveness of a bullish engulfing pattern over the past three days. The pattern-detection step completed correctly, but the price-data node required for the back-test engine (get_asset_price) could not be accessed, likely due to an issue with the current data pipeline for SPELL-USD spot prices. This issue may be temporary or related to the specific ticker symbol used (e.g., BINANCE: SPELLUSDT vs. COINBASE: SPELL-USD). A retry or a manual pull of the price data could resolve the issue and allow for a full performance evaluation, including returns, win rate, and drawdown statistics. This manual analysis would serve as a fallback while the interactive backtest visualization remains unavailable.