Based on the chart provided for the $SPELL /USDT trading pair on Binance:
1. Market Trend: $SPELL /USDT is showing bullish momentum with a 12.89% increase in the last 24 hours. The price is currently testing the resistance zone around 0.0009154.
2. Key Levels:
Resistance: 0.0009154 - 0.0009200 (current levels).
Support: 0.0009000 (recent breakout point) and 0.0008800.
3. Long Entry: Enter a long position if the price breaks and sustains above the 0.0009200 resistance level.
Target: First target at 0.0009500, second target at 0.001000.
Stop Loss: Set below 0.0009000.
4. Short Entry: Consider a short position if the price gets rejected from the 0.0009200 resistance level and starts reversing.
Target: First target at 0.0008800, second target at 0.0008500.
Stop Loss: Place above 0.0009300.
5. Indicators: Monitor volume and momentum indicators to confirm breakout or reversal. A significant increase in volume during a breakout suggests continuation, while decreasing volume near resistance indicates rejection.
6. Risk Management: Only risk 1-2% of your trading capital per trade and adjust your position size accordingly.
Make decisions based on further confirmation from the price action and avoid overleveraging. Keep an eye on news or market sentiment that could influence SPELL's price movement.
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