Spell Token Price Prediction
The past few weeks have seen Spell Token price recover from losses it had made throughout the year. This week, the token is up by 25 per cent. It is also looking highly likely that the trend will continue into next week. Part of the reason we have seen this price increase is due to improving conditions in the cryptocurrency industry.
The early months of the year were in an aggressive cryptocurrency industry bear moves. However, since June, the cryptocurrency industry has been improving, with major cryptocurrencies such as Bitcoin starting a bullish move. Spell Token, being part of altcoins that are heavily correlated to movements in the general cryptocurrency industry, has seen its prices also going up.
To Understand why the current price action is a huge improvement for the platform, we have to look at its year-to-date performance. At some point, Spell token prices were down by 97 per cent.
However, looking at data from the past few weeks, we can see a significant improvement after the recent price reversal. In July, Spell Token closed the markets up 14 per cent. This month, the token is also looking poised to continue with the aggressive move and is already up by 37 per cent.
Looking at the chart below, the spell token spiked by 23 per cent on Tuesday. The move saw it break out of ascending channel that it had traded within for weeks. Since then, the prices have traded sideways, and in today’s trading session, it is down by 2 per cent.
Despite the drop, my Spell token price prediction is still to the upside. Therefore, I expect the prices to resume the bullish move, and it is likely we might see prices hitting this week’s price high of $0.00169 again. A move below yesterday’s price low of $0.00142 will invalidate my analysis.
This post was last modified on Aug 12, 2022, 19:31 BST 19:31