Spell Token/Tether USDt Market Overview

• Price opened at $0.0005023 and closed at $0.0004921, down 2.03%.
• Key support tested at $0.000492–0.000493 with bearish continuation patterns.
• Volatility expanded after 19:00 ET, with high turnover at $0.0004917–0.0004920.
• RSI near oversold territory, but MACD divergence raises bearish concerns.
• Volume surged in the final 6 hours, confirming bearish momentum.

Spell Token (SPELL) traded against Tether (USDt) opened at $0.0005023 on 2025-09-10 at 12:00 ET and closed at $0.0004921 on 2025-09-11 at 12:00 ET. The pair reached a high of $0.0005053 and a low of $0.0004870. Total volume for the 24-hour period was 1,223,924,981.0 USD, with notional turnover reflecting the sharp decline in price toward the end of the period.

Structure & Formations

The price action formed several bearish patterns, including a bearish engulfing pattern between 17:15 and 17:30 ET, and a potential bearish continuation pattern as the pair tested support at $0.0004920 multiple times. A key support level appears to be forming near $0.0004917–0.0004920, where volume spiked and price found a floor. The low of $0.0004870 may act as a short-term floor if the trend continues.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both below the price, reinforcing the bearish bias. On the daily timeframe, the 50-period MA crossed below the 200-period MA, signaling a bearish crossover that supports the current downward momentum.

MACD & RSI

The RSI approached oversold territory (around 27) during the last few hours of the 24-hour window, but the divergence between the RSI and price suggests caution — the price is declining while the RSI has not yet shown a strong bounce. The MACD line crossed below the signal line earlier in the session, confirming the bearish momentum. The histogram has been narrowing, hinting at potential exhaustion in the move lower.

Bollinger Bands

Volatility expanded significantly during the latter half of the session, pushing price below the lower Bollinger Band for several hours. The expansion may signal an increase in selling pressure, while the narrowing of the bands earlier in the day suggested a period of consolidation. The price has remained below the midline since 19:00 ET, indicating continued bearish bias.

Volume & Turnover

Volume surged after 19:00 ET, with the largest single candle (17:15–17:30 ET) printing a volume of 224,378,334. Notional turnover also spiked during this period, confirming the bearish move toward $0.0004921. Price and volume aligned in the final 6 hours, reinforcing the downward trend.

Fibonacci Retracements

On the 15-minute chart, the recent swing from $0.0005053 to $0.0004870 saw price retrace to the 61.8% level at $0.0004934, which failed to hold. A key area for possible support is the 78.6% retracement at $0.0004912. On the daily chart, the 61.8% retracement of the larger move from $0.0005053 to $0.0004870 is at $0.0004938, aligning with recent price behavior.

Backtest Hypothesis

Given the recent divergence in RSI and the confirmation of bearish momentum through volume, a potential short-term trade strategy could involve selling on a bounce above $0.0004934, targeting $0.0004890–0.0004900 as a stop-loss zone. If confirmed, a short position may aim for a target of $0.0004870, using the 61.8% retracement as a potential entry trigger.