Spell Token/Tether (SPELLUSDT) Market Overview

Summary
• Price surged from 0.0002406 to 0.0002748 before consolidating near 0.0002462.
• Strong volume and turnover confirmed the bullish breakout, but momentum shows early signs of slowing.
• A large bearish engulfing pattern emerged after the high, suggesting potential reversal risk.
• RSI and MACD indicate overbought conditions, raising concerns about near-term profit-taking.

Spell Token/Tether (SPELLUSDT) opened at 0.0002406 (12:00 ET − 1), reached a high of 0.0002748, and closed at 0.0002462 as of 12:00 ET. Total 24-hour volume was 1.39 billion SPELL, with $342.5 million in turnover.

Structure & Formations

Price formed a distinct double-bottom on the 5-minute chart, supported by 0.0002406–0.0002409, which held multiple times before the breakout. The 0.0002417–0.0002422 area became strong resistance earlier in the session, but it gave way after heavy buying pressure from 10:00–11:30 ET.

A large bearish engulfing candle at the peak (0.0002449–0.0002429) suggests short-term bearish sentiment may gain traction.

Moving Averages

The 5-minute 20SMA crossed above the 50SMA in the late morning, signaling short-term bullish momentum. On the daily chart, the 50DMA continues to trend above the 100DMA and 200DMA, suggesting a longer-term positive bias.

MACD & RSI

The MACD histogram peaked strongly during the 10:00–11:45 ET window, confirming the breakout. RSI reached 73–76 during this period, indicating overbought conditions and increasing the likelihood of a near-term pullback.

Bollinger Bands

Volatility expanded significantly as price moved from the lower band to the upper band between 10:00–11:45 ET. By 16:00–18:00 ET, price had consolidated near the middle band, suggesting reduced momentum and a potential pause in the trend.

Volume & Turnover

Volume spiked sharply during the breakout, peaking at 86 million SPELL in the 10:45–11:00 ET period. Turnover surged in line with volume, confirming the move. Divergences between price and volume began to appear after 13:00 ET, hinting at possible distribution or reduced conviction in the rally.

Fibonacci Retracements

The 38.2% and 61.8% Fibonacci retracement levels of the 0.0002406–0.0002748 move aligned with key support at 0.000254 and 0.000246–0.000247, respectively. Price held above the 61.8% level until the close of the 24-hour window.

Over the next 24 hours, a retest of the 0.000246–0.000247 support zone could determine whether the rally continues or consolidates. Traders should watch for confirmation of a break below 0.000245, which may signal a broader reversal, particularly if volume increases with the move.