Spell Token/Tether Market Overview for 2025-09-18

• Price for Spell Token/Tether (SPELLUSDT) rose by ~0.6% over the last 24 hours with a notable recovery from 0.0004834 to 0.0005007.
• Key resistance at 0.0004993–0.0005007 and support at 0.0004968–0.0004973 were tested multiple times.
• Volume and turnover surged in the early afternoon, confirming a bullish breakout above 0.0004996.
• RSI remained in neutral territory, while MACD showed strengthening bullish momentum.
• Volatility expanded during the afternoon, with Bollinger Bands showing a clear channel breakout.

The Spell Token/Tether (SPELLUSDT) pair opened at 0.0004834 on 2025-09-17 at 12:00 ET, reached a high of 0.0005015, and closed at 0.0005007 as of 2025-09-18 at 12:00 ET. Total volume for the 24-hour window was ~825.9 million SPELL, with a notional turnover of ~$409.6 thousand (based on average price). The pair displayed a moderate bullish bias, with a clear consolidation phase giving way to a breakout in the late afternoon.

Structure & Formations

Price action formed a bullish breakout from a tight consolidation range, supported by a series of higher highs and higher lows following 16:00 ET. A key resistance cluster between 0.0004993 and 0.0005007 was decisively broken in the late afternoon, with a confirmation candle on the 15-minute chart forming at 16:00 ET. A small bearish engulfing pattern was visible during the overnight session, but it was quickly invalidated by renewed buying pressure. A potential support level appears to form near 0.0004968–0.0004973, where the price has bounced multiple times.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both bullish, with price comfortably above both. The 50-period line acted as a dynamic support during the early consolidation phase. Over the 24-hour period, the 50-period SMA for daily data is below the 200-period SMA, suggesting a broader bearish context, but short-term bullish momentum remains intact.

MACD & RSI

The MACD crossed above the signal line in the morning and has remained in positive territory throughout the day, confirming the bullish momentum. The histogram showed a steady expansion in the afternoon, particularly after the breakout. The RSI climbed from the mid-50s to the mid-60s and remained within neutral to mildly overbought territory, suggesting there is still room for upward movement without overextension.

Bollinger Bands

Volatility increased significantly after 16:00 ET, with price breaking out above the upper Bollinger Band. Prior to this, the bands were in a contraction phase, indicating a period of low volatility and potential breakout. The current position near the upper band suggests a continuation of the bullish move could occur, especially if the trend holds above 0.0005007.

Volume & Turnover

Volume spiked dramatically after the breakout in the late afternoon, with several 15-minute candles registering over 50 million in volume. The notional turnover increased in tandem, particularly after 20:00 ET, when price approached 0.0005015. There was no notable divergence between price and turnover, indicating strong conviction in the move higher.

Fibonacci Retracements

Applying Fibonacci levels to the 24-hour swing from 0.0004834 to 0.0005015, the 38.2% level (~0.0004932) and the 61.8% level (~0.0004996) are key for near-term positioning. The 61.8% level was tested and exceeded, suggesting that the next target for the pair may be in the 0.0005020–0.0005030 zone. On the daily chart, the 61.8% retracement level of the recent major bearish swing is aligned with the current price, adding potential technical significance to the level.

Backtest Hypothesis

A potential strategy for backtesting could be to enter a long position when price breaks above the 0.0004996 Fibonacci level (61.8%) on the 15-minute chart, with a stop-loss placed just below the 0.0004968–0.0004973 support zone. The target would be set at the next Fibonacci extension of 161.8%, which is approximately 0.0005043. Given the current setup—strong bullish MACD, increasing volume, and a breakout from a consolidation—this strategy has a higher probability of success in the near term.