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The SPELL (SPELL) token is one of the top-performing cryptos by registering gains of close to 30% on 31 January after seeing a spectacular trading session
on Sunday. The abracadabra.money crypto is primarily a cross-chain lending platform that uses the interest-bearing tokens as collateral to borrow USD-pegged stablecoin.
According to Coingecko, SPELL crypto, which has been well below its all-time high of US$0.03506357 in November 2021, was trading at US$0.00685847 with a volume of US$187,872,886 on 31 January. At the time of drafting, the token was down by 15.7% with a live market cap of US$556,337,045 and a supply of 81,546,007,568 SPELL coins.
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The abracadabra crypto had gained significant grounds following Friday’s forgettable day, which saw its prices plunge by 30%. However, over the weekend, it was buoyed by some good interest among the investors.
With the overall market seeing a bearish phase, the rally was critical for the token to maintain the momentum on the opening day of the week.
SPELL crypto: How long will the bearish phase continue?
Reason for the slide
The SPELL token seems to be reeling under the effects of overall bearish market. In fact, in the last 14 days, SPELL has been down by 56.9% and over a week by 19.5%, respectively, according to Coingecko.
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With the crypto market undergoing an active fear phase. In fact, if we look at the chart, the SPELL crypto RSI is at 34.03 indicating that there aren’t enough buyers at the moment and market participants are more than happy to wait and watch the market for the time being.
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Even the MACD or the Moving average convergence divergence line, which indicates the trend following the momentum, suggests that the token is not able to get enough momentum to climb out of the hole. Though the gap between the MACD line (indicated in blue) and signal line (indicated in orange) seems to have reduced, the bears have tight control over the market at present.
If one were to look at the abracadabra crypto’s 50 EMA and 100 EMA (exponential moving averages), it highlights that the token is in a severe bearish phase with sellers looking to make the most in this phase.
Conclusion
With no sign of bears leaving their firm grip over the market any sooner, investors keen on the SPELL token would be questioning as to when will the bearish run end and bulls will take over.
