SPELL/USDT Trade Analysis

Based on the 15-minute chart, SPELL/USDT is showing strong bullish momentum with a current price of 0.0006705 USDT, reflecting a 26.65% increase over the last 24 hours. Let’s break down potential entry points for both long and short trades based on the price movement and chart patterns.

Key Levels:

• 24h High: 0.0006999 USDT

• 24h Low: 0.0005163 USDT

• Current Price: 0.0006705 USDT

Long Trade Setup:

Given the upward channel on the chart, SPELL is in a bullish trend with strong potential for further gains if it sustains the current momentum.

• Entry for Long Trade:

0.0006720 – 0.0006750

(Look for price consolidation and a breakout above this range for confirmation of further upside.)

• Take-Profit Targets:

1. 0.0006900 USDT (First resistance)

2. 0.0007200 USDT (Psychological level from the trend)

• Stop Loss:

0.0006550 USDT (Below the lower channel support to manage risk)

Short Trade Setup:

If SPELL fails to break above the 0.0006750–0.0006800 resistance range and reverses within the channel, a short position could be considered.

• Entry for Short Trade:

0.0006650 – 0.0006680

• Take-Profit Targets:

1. 0.0006400 USDT (Channel support area)

2. 0.0006200 USDT (Key level from previous low)

• Stop Loss:

0.0006800 USDT (In case the price breaks upward)

Indicators Supporting the Trend:

1. Volume Surge: 24h volume of 38.62B SPELL suggests high market activity, potentially fueling volatility.

2. Trend Channel: The price is respecting an upward channel, giving both long and short opportunities depending on direction.

3. 24-hour momentum: Positive performance across 7 days (+26.46%) and 30 days (+20.27%) highlights underlying bullish sentiment, though the 90-day trend indicates volatility.

Conclusion:

Traders should watch for how SPELL performs near the 0.0006750–0.0006800 range. A breakout above this resistance could push the price toward the 0.0007200 target, favoring long trades.

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