1. Technical Analysis & Indicators
Current Price: $0.0004925, with a decrease of 2.96% over the last 24 hours.
Support and Resistance Levels:
Support: The recent low at $0.0004663 serves as a key support level. Further support is near $0.0004546.
Resistance: Immediate resistance is observed at $0.0005403, with a stronger level near $0.0006259.
Moving Averages: The 5-day moving average is below the 10-day moving average, suggesting bearish sentiment. The price is fluctuating below major averages, which may indicate further downside pressure.
Volume Analysis: Volume has spiked occasionally, showing interest, but has not sustained a breakout trend.
2. Target Levels
Target 1 (Short-Term): $0.0005100 – A short-term target if the price sees a minor recovery, retesting the next resistance level.
Target 2 (Mid-Term): $0.0005400 – If bullish sentiment grows, reaching the previous peak could be possible.
Target 3 (Long-Term): $0.0006000 – This target would require consistent upward momentum and volume.
3. Trade Signal Recommendation
Sell Signal: SPELL/USDT shows a bearish trend in the short term. If it fails to hold above $0.0004663, a downside move is likely. Traders could consider a stop-loss near $0.0005403 to manage risk in case of unexpected upward movement.
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