Can SPELL work its charm in 2023? What do analysts think

• First distributed in May 2021.
• Recently marked its ATL at $0.000516

Spell token (SPELL) was introduced to the crypto world in May 2021, where 420 billion tokens were distributed. Subsequently, half of all the SPELL tokens were burned, resulting in the reduction of supply to 210 billion tokens. SPELL is an Ethereum blockchain token used as the governance token for Abracadabra.money. 

The token is primarily used as governance in the Abracadabra protocol, but it also plays a role as fees earned from it. It helps revolutionize lending and provides incentives and rewards. SPELL wasn’t created with the mindset of problem-solving; rather, it was made to provide several benefits for the project’s users to ensure that they will develop a stable relationship with the entire project. 

Since beginning to in future

SPELL prices show a strong bear momentum, where the prices are in a high downtrend. The trading volume is observed to be highly volatile, suggesting major investors use it for short-term investments or transactions. It is clearly a slow-moving token and won’t be suitable for a long-term investment. The prices were seen consolidating for almost the whole year. The long-term investors were pushed out by the downtrend. The SPELL prices have tested the support zone several times and have recently marked an all-time low at $0.000516. 

All significant EMAs are currently placed above the price. If the price can capture a spot above them, an uptick can be expected. The indicators suggest a rise as the RSI is placed in the oversold zone for the whole time, and MACD suggests that, due to its use cases, buyers will continue to invest. Bear forces have placed selling orders at swings near $0.0050 and $0.0034. It may be difficult to reach near the ATH prices, but the level near $0.015 can be aimed. 

What does investing in SPELL mean ?

If, looking at its use cases and anticipating its rise in the future, you decide to invest $100 in SPELL; you will hold around 192,308 tokens in your wallet. These tokens are valued at current trading prices of $0.00052. If in the coming year, prices reach $0.015, your investment will be worth nearly $2885. The ROI stands at 2785%.

The initial few months can suggest the prediction to be converting into reality, and users may accumulate SPELL to enjoy the future benefits. 

Conclusion

The support zone of $0.00005 can be trusted to enter the market and invest in SPELL. Indicators suggest a surge, and an optimistic outlook can be formed over a period of a few months. 

Technical levels

Support level: $0.0005

Resistance levels: $0.015 and $0.028

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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