📉 Technical overview:
SPELL has gone through a dramatic decline since launch, but the chart reveals a consistent pattern: long accumulation phases in a descending wedge formation, followed by sharp upward impulses.
Currently, the price is once again consolidating near the same zone where previous breakouts occurred. The structure resembles past setups, which eventually led to explosive moves.
📊 Key zones:
Accumulation support remains intact
Previous breakout zones overhead serve as potential targets
Full pattern continuation could offer significant upside
🧠 Opinion:
SPELL behaves like a typical speculative token with a clear memory on the chart. Price reactions appear to follow historical fractals, which makes it an interesting candidate for trend-based speculation.
🎯 Conclusion:
Price is back in a familiar range where major reversals began previously. The setup is worth watching as a high-risk/high-reward opportunity for those who follow pattern-based strategies.
SPELL has gone through a dramatic decline since launch, but the chart reveals a consistent pattern: long accumulation phases in a descending wedge formation, followed by sharp upward impulses.
Currently, the price is once again consolidating near the same zone where previous breakouts occurred. The structure resembles past setups, which eventually led to explosive moves.
📊 Key zones:
Accumulation support remains intact
Previous breakout zones overhead serve as potential targets
Full pattern continuation could offer significant upside
🧠 Opinion:
SPELL behaves like a typical speculative token with a clear memory on the chart. Price reactions appear to follow historical fractals, which makes it an interesting candidate for trend-based speculation.
🎯 Conclusion:
Price is back in a familiar range where major reversals began previously. The setup is worth watching as a high-risk/high-reward opportunity for those who follow pattern-based strategies.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.