Spell Token Price Prediction 2023-2030: Will SPELL Price Hit $0.01 Soon?

• Bullish Spell Token (SPELL) price prediction ranges from $0.001826 -$0.0063964
• Analysis suggests that the SPELL price might reach above $0.02 soon.
• The SPELL bearish market price prediction for 2023 is $0.0005103.

Aside from Bitcoin (BTC) and Ethereum (ETH), there are other digital currencies worth considering for people looking to diversify their portfolios and get experience with new cryptocurrencies. Spell Token (SPELL) is one of them.

Spell Token (SPELL) is a reward token linked to abracadabra.money, a lending platform that uses interest-bearing tokens (ibTKNs) as security to borrow Magic Internet Money, a stablecoin pegged to the US dollar (MIM). Abracadabra offers isolated lending markets using SushiSwap’s (SUSHI) Kashi Lending Technology, enabling users to modify their risk tolerance according to the collateral they choose.

If you are interested in the future of SPELL and want to know its predicted value for 2023, 2024, 2025, and 2030, keep reading!

Spell Token (SPELL) Market Overview

What Is Spell Token (SPELL)?

The governance token for the lending platform Abracadabra.money is called Spell Token (SPELL). Notably, a DeFi where traders lend and accept cryptocurrencies in exchange for interest is a lending platform. The collateral for loans on the Abracadabra.money platform is an interest-bearing token. These are tokens from different protocols used to borrow Magic Internet Money, the platform’s stablecoin. The platform’s goal is to maximize a user’s portfolio to profit passively from assets.

Abracadabra also offers yield farming opportunities, where users can stake their liquidity provider (LP) tokens to farm SPELL. It facilitates better liquidity for specific cryptocurrency pairs, currently Ether (ETH)-Spell Token (SPELL), and Magic Internet Money (MIM)-LP 3pool Curve (3CRV). Furthermore, users can also open leveraged farming positions using borrowed MIM from their interest-bearing collateral.

SushiSwap’s Kashi Lending Technology has inspired a wave of innovation in decentralized finance (DeFi) lending in Abracadabra’s isolated lending markets. The risk is not shared collectively in an isolated loan market. Users can offer liquidity for any token, and if a currency pair loses liquidity or something goes wrong with the smart contract, it’s impacted, but not the entire site. This enables Abracadabra to provide a variety of pairs that are not supported by the majority of other decentralized exchanges.

One advantage of employing this technology is that users can leverage their interest-bearing token investments. Users borrow against their positions and then borrow against the borrowed stablecoin, generating many loops and increasing their leverage. All of this occurs in a single transaction, which is why the user just pays a gas fee once. Spell Token (SPELL) can be farmed by contributing liquidity to one of the various pools. SPELL can also be staked, and staked tokens earn a portion of the platform fees.

Due to the multichain nature of the Abracadabra protocol, Spell Token (SPELL) is accessible on Ethereum (ETH), Avalanche (AVAX), Fantom (FTM), and Arbitrum. Many developers of decentralized applications (DApps) turn to Ethereum, one of the most well-liked blockchains. A group of nodes secures the Ethereum blockchain, and the network switches from a proof-of-work (PoW) consensus mechanism to a proof-of-stake one (PoS).

Avalanche employs a directed acyclic graph (DAG) protocol, in contrast to PoW or PoS, in which all nodes process and validate transactions. Fantom uses a proprietary consensus mechanism that enhances security while enabling higher capacity and two-second transaction completion. With optimistic rollups, the layer two scaling solution for Ethereum, known as Arbitrum, can achieve faster transaction times and almost no gas costs.

Spell Token (SPELL) Current Market Status

According to CoinMarketCap, the price of SPELL as of the time of writing is $0.000717. The token is up 3.27% in the last 24 hours. It has a live market cap of $$77,026,312 as of the time of writing. SPELL was trading at $0.00075 when the market opened. But right after trading started SPELL started crashing below the opening market price. It reached its lowest price of 0.0006682 on the first.

However, though below the opening market price, SPELL started making higher lows and subsequently reached above the opening market price and reached its maximum price of $ 0.0007695 on the third day of the week.

Thereafter, SPELL started consolidating just below the opening market price at times reaching above the opening market price. This behavior was seen during the third, fourth and fifth day. However, halfway into the fifth day, SPELL started making lower lows until the noontime of the sixth day. Currently SPELL has gained momentum and is consolidating.

Spell Token (SPELL) Price Analysis 2023

SPELL ranks 325 on CoinMarketCap’s list of the biggest cryptocurrencies by market capitalization. Will SPELL’s most recent improvements, additions, and modifications help its price rise? First, let’s focus on the charts in this article’s SPELL price forecast.

Spell Token (SPELL) Price Analysis – Keltner Channel

When volatility bands are positioned on either side of an asset’s price, it is possible to determine the direction of a trend with the help of the Keltner Channel. The price of Spell Token (SPELL) can be predicted using the Keltner Channel indications for SPELL/USDT. The price of SPELL in the first half of the channel for two days– meaning that people were buying SPELL rather than selling. But lately, the bands are horizontal. Since the bands represent the direction of the price movement of SPELL, it could be that the price could move sideways.

Moreover, SPELL touched touched the lower band, and is now on the rise. A such, we could predict that the bearish has faded and the prices could move to the first half of the band.

Spell Token (SPELL) Price Analysis – Relative Strength Index

RSI value of SPELL currently sits at 43.31. Trading based on the RSI indicator is often the starting point when considering a trade, and many traders place alerts at the 70 and 30 marks. The RSI tends to remain above 30 and should frequently reach 70 during an uptrend. But looking at the bigger picture, SPELL is still in a downtrend, so it’s better to wait for a few reversal and confirmation patterns before taking the trade for a low-risk entry.

Spell Token (SPELL) Price Analysis – Moving Average

Above is 1-Day Token (SPELL) 200-day and 50-day Moving Averages (MAs) chart. Looking at the chart above, SPELL is now running sideways. The SPELL 50-day MA is below the 200-day MA (long-term) and both are moving down. However, as the distance between the two lines is narrowing, there could be a Golden Cross in the future. Given that the Golden Cross happens, SPELL could catapult to a higher price.

Moreover, the candlesticks are heading towards the 50-day MA which is acting as the immediate resistance. If the Golden Cross was to happen, SPELL could break above the 50-day MA and easily. Since this is the built up to a new trend, it would be advisable if traders take a step back and watch the market’s behavior before deciding on anything.

Spell Token (SPELL) Price Prediction 2023

Looking at the daily chart of SPELL/USDT, the SPELL price was swinging from $0.0005413 to $0.0010597 since early January to late February. Bouncing back from the support level at $0.0006108, SPELL is currently going inside a bullish flag, and we can expect the the market to continue the fluctuation inside the bullish flag. However, if the SPELL break out from the flag, then it might land on the Support 1.

Meanwhile, our long-term SPELL price prediction for 2023 is bullish if it cannot break the support level. We can expect SPELL to reach $0.0012904 this year.

Spell Token (SPELL) Price Prediction – Resistance and Support Levels

The chart above shows that the price of SPELL has decreased in the past few months. But as of time of writing, SPELL is rising again. Moreover, SPELL has been up by 7.21% in the past 24 hours. If the bulls push hard, SPELL might be able to break $0.0018956 resistance 1 level and increasing it to $0.0022364.

If SPELL cannot break the  $0.0018956 resistance 1 level, the bears may seize control and dethrone SPELL to a downtrend stance. In simple terms, the price of SPELL might fall to almost $0.0005126, indicating a negative signal from the previous support level.

Spell Token (SPELL) Price Prediction 2024

There will be Bitcoin halving in 2024, and hence we should expect a positive trend in the market due to user sentiments and the quest by investors to accumulate more of the coin. Since the Bitcoin trend affects the direction of trade of other cryptocurrencies, we could expect SPELL to trade at a price not below $0.0054559 by the end of 2024.

Spell Token (SPELL) Price Prediction 2025

We should expect the price of SPELL to trade above its 2024 price due to the possibility of most cryptocurrencies breaking more psychological resistance levels due to Bitcoin halving over the previous year. Hence, SPELL could end 2025 by trading at around $0.0064032.

Spell Token (SPELL) Price Prediction 2026

Since the maximum supply of SPELL is approached by 2026, the bearish market that follows a solid bullish run impacts its previous price due to the entrance of more institutional investors to its platform. With this, the price of SPELL could break the usual trend and trade at $0.0081286 by the end of 2026.

Spell Token (SPELL) Price Prediction 2027

Investors expect a bullish run next year, 2028, due to Bitcoin halving. Hence, the price of SPELL could consolidate on the previous gains and even break more psychological resistance levels due to investors’ positive sentiment. Therefore, SPELL could trade at $0.0097695 by the end of 2027.

Spell Token (SPELL) Price Prediction 2028

In 2028, there will be Bitcoin halving. Hence, the consolidating market in 2027 could be followed by a bullish run. It is due to the news surrounding any year of Bitcoin halving. It is, therefore, possible that the market could attain higher high values. Spell Token (SPELL) could hit $0.0125775 by the end of 2028. Also, SPELL is likely to break its ATH value.

Spell Token (SPELL) Price Prediction 2029

 By 2029, there could be much stability in the price of most cryptocurrencies that had stayed for over a decade due to implementing lessons learned to ensure their investors retain the project’s confidence. This impact, coupled with the price surge that follows a year after Bitcoin halving, could surge the price of SPELL to $0.0163328  by the end of 2029.

Spell Token (SPELL) Price Prediction 2030

The cryptocurrency market experienced high stability due to the holding activities of early investors so as not to lose future gains in the price of their assets. We could expect the price of Spell Token (SPELL) to trade at around $0.280445 by the end of 2030, irrespective of the previously bearish market that followed a market surge in the earlier years.

Conclusion

SPELL might reach  $0.0022364 in 2023 and $0.0163328 by 2030 if investors decide that SPELL is a good investment along with mainstream cryptocurrencies like Bitcoin and Ethereum.

FAQ

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

More Crypto Price Predictions:

• Mina (MINA) Price Prediction: Will MINA Reach $8 in Soon?
• Loopring (LRC) Price Prediction: Will LRC Reach $3 in Soon?
• Neo (NEO) Price Prediction: Will NEO Price Reach $50 in Soon?
• Ravencoin (RVN) Price Prediction: Will RVN Price Reach $0.15 Soon?