Spell Token/Tether (SPELLUSDT) Market Overview: 2025-09-23 12:00 ET

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• Price action on SPELLUSDT saw a 0.0000048 (1.07%) gain from open to close over 24 hours.
• Momentum strengthened in the final hours, with a bullish breakout above prior resistance.
• Volatility and turnover spiked after 22:00 ET, suggesting increased short-term interest.
• No clear reversal patterns formed, but bullish continuation is supported by volume.
• RSI and MACD suggest momentum is building but remains in overbought territory, hinting at possible pullback.

Spell Token/Tether (SPELLUSDT) opened at 0.0004491 on 2025-09-22 12:00 ET and closed at 0.0004552 by 2025-09-23 12:00 ET, with a high of 0.0004598 and a low of 0.0004450 over the 24-hour period. Total volume amounted to 363,534,152.0, with notional turnover reflecting significant short-term activity.

Structure & Formations

Price action over the 24-hour period showed a clear bullish bias, with key support identified near 0.0004480–0.0004485 and resistance at 0.0004560–0.0004570. A strong bullish breakout occurred after 22:00 ET, with a 15-minute candle forming a strong white candlestick pattern, indicating momentum. A potential bearish reversal was attempted at 0.0004598 with a long upper shadow, suggesting hesitation in buyers. A doji formed near 0.0004549, signaling possible indecision but not a reversal.

Moving Averages

Short-term moving averages (20/50) on the 15-minute chart crossed above in the final hours, indicating bullish momentum. Daily moving averages (50/100/200) showed price consistently above all, supporting a longer-term bullish bias. Price action has remained above the 200-day MA, reinforcing the uptrend.

MACD & RSI

MACD showed a bullish crossover with positive momentum building in the final hours, suggesting continued upward pressure. RSI reached 68–70 in the closing hours, entering overbought territory and hinting at potential short-term consolidation or a minor correction. However, bullish divergence between price and RSI has not yet formed, so the trend appears intact for now.

Bollinger Bands

Bollinger Bands expanded during the key breakout phase between 22:00 and 23:45 ET, reflecting increased volatility. Price spent much of the period near the upper band, indicating strong buying interest. Contraction occurred briefly during a midday pause but did not trigger a reversal. The closing price remains comfortably within the upper half of the band.

Volume & Turnover

Volume spiked significantly in the hours leading up to the breakout, particularly between 22:00 and 00:00 ET, with several 15-minute candles showing 50–100 million volume. Notional turnover rose in parallel, confirming price strength. However, a divergence between price and volume appeared in the final hour, which could indicate exhaustion or a pause in the upward thrust.

Fibonacci Retracements

Applying Fibonacci retracements to the 24-hour swing (0.0004450 to 0.0004598), key levels at 0.0004528 (38.2%) and 0.0004560 (61.8%) acted as support and resistance. Price paused at 61.8% multiple times, and the final breakout occurred above it, suggesting the 78.6% level at 0.0004586 could be next if momentum continues.

Backtest Hypothesis

Given the observed bullish continuation and strong volume confirmation, a backtest strategy could focus on entering long positions on a close above the 61.8% Fibonacci level (0.0004560), with a stop loss placed below the key support at 0.0004541. A target could be set at the 78.6% level (0.0004586) or higher based on the breakout momentum. This strategy would aim to capture trend continuation while managing risk through defined stops and targets.