Spell Token Market Overview

• Spell Token declined by 0.75% in the last 24 hours, closing at $0.0005027.
• Key support at $0.000501–$0.000503 held amid increased bearish momentum.
• Volatility expanded after midday ET, with volume surging in the 15:45–16:00 ET candle.
• RSI signaled oversold conditions, hinting at potential short-term rebound.
• Price remains within a descending channel, suggesting continuation risk.

Spell Token (SPELLUSDT) opened at $0.0005203 on July 28 at 12:00 ET and closed at $0.0005027 on July 29 at the same hour, hitting a high of $0.0005216 and a low of $0.0005010. Total 24-hour volume was 288,893,248.0, with notional turnover reaching $147,972. The asset remained in bearish territory, with a clear trendline forming from the midday high.

Structure & Formations

The 24-hour chart shows a descending channel formation, with the upper boundary defined by the high of $0.0005216 and the lower boundary forming around $0.0005010. A bearish engulfing pattern was visible on the 19:30–19:45 ET candle, confirming a shift in sentiment. A doji formed at 09:45–10:00 ET, suggesting indecision and a potential turning point. Support levels at $0.000501–$0.000503 appear to be critical, having held during a test at 15:45–16:00 ET.

Moving Averages

On the 15-minute chart, price has remained below both the 20-period and 50-period moving averages, reinforcing the bearish bias. The 50-period MA is currently at $0.000507, with price pulling away to the downside. On the daily chart, the 50/100/200-day averages are not available, but the 15-minute trend suggests a continuation of the short-term downtrend is likely.

MACD & RSI

The MACD line crossed below the signal line in the morning, confirming bearish momentum. The histogram has remained negative for much of the period, with a slight narrowing in the final hours, indicating easing bearish pressure. RSI reached an oversold level of 30 during the 15:45–16:00 ET candle, suggesting a potential rebound. However, without a strong reversal pattern, the RSI may remain in this range for a while.

Bollinger Bands

Volatility expanded after midday, with price testing the lower band multiple times. The bands are now wider than in the morning, indicating increased uncertainty. Price currently sits near the lower Bollinger Band, which could trigger a bounce if bulls regain control. A sustained break below the band would signal a deeper correction.

Volume & Turnover

Volume spiked during the 15:45–16:00 ET candle, with a large bar confirming the breakdown to $0.0005027. Notional turnover aligned with the volume increase, suggesting genuine selling pressure. A divergence appears to be forming between price and volume in the final hours—volume has declined while price continues to fall—hinting at potential exhaustion in the bearish move.

Fibonacci Retracements

Applying Fibonacci to the recent 15-minute swing from $0.0005216 to $0.0005010, price found support at the 61.8% level ($0.000507). Further support is likely at the 78.6% level ($0.000502), which has already been tested. On the daily chart, no major Fibonacci levels are available, but the 15-minute structure suggests a possible bounce from the 78.6% level.

Spell Token may test the 78.6% Fibonacci level at $0.000502 in the next 24 hours, with a potential rebound if bulls regain control. However, a break below this level could extend the decline to $0.000496. Investors should remain cautious, as the overall trend remains bearish and continuation patterns are in place.