Spell Token Price Prediction: Is The Spell Over?

Summary:

Spell token price prediction hangs by a thread as it keeps on making lower lows. Most of the DeFi coins are trading well below their ATH.

Spell token price prediction hangs by a thread as it keeps on making lower lows. Most of the DeFi coins are trading well below their 2021 all-time highs due to decreased investor interest. The ongoing slump in Bitcoin and Ethereum prices has intensified this downtrend. Spell crypto is trading more than 96% below its November 2021 ATH of $0.035.

Spell token is the native asset of the Abracadabra protocol. It can be staked to gain governance rights and revenue share. Abracadabra lets users mint its stablecoin known as Magic Internet Money (MIM) by using their crypto holdings as collateral.

As per the recent Spell token news, the team has launched a peer to peer NFT lending market known as AbraNFT. This new feature would allow users to unlock the full potential of their NFTs by using them as collateral.

Abracadabra Money currently supports Ethereum, Avalanche, Fantom, Binance Smart Chain and Arbitrum chains. The protocol TVL is spread across 5 different blockchains and it has been significantly reduced in the last month. The TVL now stands at $761 million, down by more than 60% since the start of May. Spell token is available on all these blockchains as well.

Spell Token Price Prediction

At the time of writing, Spell is trading at $0.0013, which is 96% below its all-time high of $0.035. The native asset of Abracadabra Money has a market cap of $118 million.

Technical analysis of the Spell USD price chart shows that the price has broken below the falling wedge. The bulls seem to have surrendered after the massive across the board sell-off in cryptocurrencies. Consequently, the price is trading in bearish territory, and there are no signs of any reversal.

If the price doesn’t break above $0.002 soon, then any Spell token price prediction of below $0.001 could become a reality. The recent recovery in bitcoin price has failed to boost investor interest in DeFi coins like Spell.