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Spell Token plunged, then soared, earlier today as it continued its rollercoaster journey.
The last 30 days have been a roller coaster ride for SPELL, too. It hit an all-time low of $0.0004081 on June 10, 2023, after a major correction.
Then it witnessed a few green days that boosted its price slightly. SPELL soared with notable gains from mid-June to late June and entered July with bullish momentum.
However, after a significant boost in late June, SPELL’s price consolidated between $0.00048 and $0.00049. A brief rally spiked its price before another bearish momentum set in. But again, SPELL quickly regained momentum, rallying 10% between July 9 and July 13.
However, in the early hours of July 18, SPELL’s price nosedived over 17%, with more than 11% price decline on the weekly chart. But surprisingly, the token picked up pace as the tide turned almost immediately.
As of the time of writing – 6:07 am EST, Spell Token’s market outlook had improved, and its massive 24-hour decline went from over 17% to 2.66%. Also, the weekly price record turned green with a 3% seven-day gain in value.
SPELL’s price is now 8.67% higher than its value 30 days ago, according to CoinMarketCap data. Moreover, the token’s price has increased by over 19% from its June 10 all-time low of $0.0004081.
Interestingly, Spell Token’s 24-hour trading volume remained high, with a nearly 15% increase despite the bearish trajectory.
Spell Token Price Influences
The news of MultiChain’s exploitation could be partly responsible for SPELL’s roller-coaster price movement in the past seven days. On July 6, Multichain, a cross-chain protocol, saw abnormally large outflows in what looked like a significant hack exploit.
The attackers moved a staggering $126 million in multiple assets from the protocol to various wallets. It bears mentioning that Abracadabra, Spell Token’s parent network, is a multichain protocol available on Ethereum, Avalanche, Fantom, and Arbitrum.
The incident resulted in Binance suspending deposits and withdrawals for eight altcoins tied to Multichain, including Spell Token (SPELL) on Avalanche. Binance’s decision must have affected Spell Token’s trading activity, adversely impacting its price.
Also, the incident must have raised investors’ guard on Spell and its protocol, Abracadabra, affecting its market sentiment. However, the factors behind the token’s recent abruptly sharp price drop and increase remain unknown.
SPELL Token Price Analysis
As we can see from the chart above, Spell Token is trading below its 50 and 200-day Simple Moving Averages (SMA), a short and long-term bearish signal.
However, the Relative Strength Index (RSI) is 49, between the overbought and oversold regions. This observation depicts a neutral market position. It shows the bulls (buyers) and bears (sellers) are battling for supremacy. But the RSI graph is retracing towards the oversold region, meaning the bears have increased momentum.
The next few hours are critical for SPELL as the outcome of the market struggle determines whether its price will plunge deeper or rise. If the bulls succeed, SPELL’s price could break above the 50 and 200-day SMA, facilitating more rallies for the token. Otherwise, expect SPELL to record more losses before the day ends.
The Moving Average Convergence/Divergence (MACD) is above the signal line. However, its current position suggests a potential reversal since the histogram bars fade with the MACD line retracing downward. Therefore, SPELL could see more price drops if the bulls fail to increase momentum.
Chimpzee May Be a Better Alternative
As SPELL’s price stalls amid little or no ecosystem developments, investors are searching for alternative projects with better potential. If you are among these, Chimpzee could be worth your consideration.
Chimpzee is a monkey-themed meme project looking to revolutionize the meme coin landscape with its unique approach to environmental conservation. Chimpzee plans to leverage the power of blockchain technology to reduce climate change and create a sustainable ecosystem for all.
Project Features
The project focuses on supporting wildlife conservation, deforestation awareness campaigns, and environmental protection through web3 and blockchain technology. Through its utility toke, CHMPZ, Chimpzee allows users to earn passive income while engaging in activities to mitigate climate change.
Chimpzee’s innovative approach to environmental protection makes it stand out among its peers. Despite being in the presale phase, it has planted over 20,000 trees and donated massively to support teams that save endangered animals.
The CHMPZE token powers Chimpzee’s unique money-making mechanisms, which include shop-to-earn, trade-to-earn, and play-to-earn. Besides the touted returns from the token’s price increase, users who perform activities, including zero-tolerance gaming and environment-focused NFT trading, can make more money.
Chimpzee Presale
CHMPZ trades at $0.0007 and would increase to $0.000775 in the next presale stage. CHMPZ’s presale has raised over $800,000 out of a hard cap of $1.4 million, demonstrating massive investor interest in the project.
Considering the amount raised, the token presale might be a few steps away from selling out. Interested investors should hurry now and secure a spot to enjoy potential price rallies after CHIMPZ’s DEX listing.
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