The crypto market has tried to make some bullish gains during the past 24 hours. With the broader market support, tokens are rallying and recovering from a strong recession during the past few weeks. During this time, one of the top gainers is SPELL, which has made double-digit gains and moved towards weekly highs.
SPELL is trading at $0.0229 at the time of writing after a 24.6% gain in 24 hours.
SPELL price analysis
The SPELL token has been making notable gains over the past few weeks, and it has shown the most strength compared to most coins in the market. This token has rallied by more than 100% in just seven days, which is more than what could be said for the broader market.
The token could continue with these gains because buyers are rallying support for it. Even without the strong market support, buyers jumping in for the price action are driving gains for SPELL, which could support the uptrend over the coming weeks.
If these gains continue, the altcoin could be headed towards a major break past $0.023. The coin broke past this resistance during the past 24 hours, but failure to hold could be attributed to weakened market support.
The all-time high of $0.03 is still far off, with the coin required to make a 40% uptrend to reclaim these levels. This could only be achieved by the joint buyer and market support.
On the downside, there is also a chance that this altcoin will fail to hold these gains. While it has rallied when the rest of the market has been down, the uptrend could soon be exhausted, at which case a price correction will follow.
SPELL is the native token for the Abracadabra ecosystem. One of the leading decentralized finance (DeFi) ecosystems allows users to stake their tokens and generate rewards. Besides offering rewards from staking, the token also offers governance rights that allow users to vote on various proposals on the ecosystem.
Where to buy SPELL
If you want to buy SPELL during the uptrend, you can create an account on the following platforms:
eToro is one of the leading cryptocurrency exchange platforms. It supports a wide range of cryptocurrencies and trading pairs. eToro supports user-friendly features such as copy trading that allow a new trader to copy the strategies used by expert traders.
You can buy the SPELL token from Coinbase. Coinbase is one of the largest exchange platforms with licenses in various jurisdictions. Coinbase offers friendly features for both new and expert traders. The exchange supports a broad range of cryptocurrencies and offers a high sense of security and reliability.
Your capital is at risk.
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