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SPELLUSD trade ideas

update on falling wedge break out (bullish)ok so in my past ideas ive explained the falling wedge trade, well now is a possible entry as we hit mid-line on the rising channle (bullish). another entry if possible is the bottome of the challel (yellow line). now if you took profit (i did for tax and other reasons) then look to enter some here and if it test yellow line or bottom of channel the rest. as always the best trades manage risk/reward. the yield is about 7% or so rn for staking spell us this to figure out ur risk tollerance.... anyways just wanted to check in it been a while ive been busy. and as always gl boisss
COINBASE:SPELLUSDLong
by dead4586
3
SPELL Did 50X in 3 Month in 2021, Can It Repeat This Move?In 2021 the token started trading in the final phase of the bull cycle so it's unlikely to be that fast, but who knows? Anyway, it's a pretty good token to hold in the following months and the picture is very similar to my FIDA post. Price action holding support on an important level, stable weekly RSI moving sideways. SPELL/BTC ratio is in a falling wedge and looks ready for a reversal (breakout not confirmed yet): Max target: $0.029.
CRYPTO:SPELLUSDLong
by function_mechanic
Spell will have its day (bullish falling wedge explained)The falling wedge is a bullish pattern. Together with the rising wedge formation, these two create a powerful pattern that signals a change in the trend direction. In general, a falling wedge pattern is considered to be a reversal pattern, although there are examples when it facilitates a continuation of the same trend. This article explains the structure of a falling wedge formation, its importance as well as technical approach to trading this pattern. We will discuss the rising wedge pattern in a separate blog post. Where Does the Falling Wedge Occur? The falling wedge pattern occurs when the asset’s price is moving in an overall bullish trend before the price action corrects lower. Within this pull back, two converging trend lines are drawn. The consolidation part ends when the price action bursts through the upper trend line, or wedge’s resistance. One of the key features of the falling wedge pattern is the volume, which decreases as the channel converges. Following the consolidation of the energy within the channel, the buyers are able to shift the balance to their advantage and launch the price action higher. Hence there are three key characteristics of a falling wedge pattern: 1.The price action temporarily trades in a downtrend (the lower highs and lower lows); 2.There are two trend lines (the upper and lower) that are converging; 3.There is a decrease in volume as the channel progresses. The first two elements are mandatory features of falling wedge, while the occurrence of the decreasing volume is very helpful as it adds additional legitimacy and validity to the pattern. It may take you some time to identify a falling wedge that fulfills all three elements.
KRAKEN:SPELLUSDLong
by dead4586
2
The Magic $Spell decision line. MAKE OR BREAK?COINBASE:SPELLUSD token has been what I can call the gem hidden in plain sight, they are non-US based liquidity platform. They battle through so much including the war in Ukraine, which is obviously still on going. At one point they have over SEED_TVCODER77_ETHBTCDATA:1B in TVL, the team has never waived the white flag and pressed on to deliver everything they can to the community that has instilled so much trust, Romi is a master of his craft. If you believe in the founders of something, you better invest with them. I love $spell and its future. Looking at the chart here, you see that anytime it has hung around this line, it's made a decision to go up or down. Based on its recent bullish signal and reversal based on the bottom arrow, I see Spell headed back up to where it belongs, respected with the rest of the crypto community for what they provide.
COINBASE:SPELLUSDLong
by JohnnyPS
Spell Token (SPELL)Spell Token is a reward token associated with abracadabra, a lending platform that uses interest-bearing tokens as collateral to borrow a USD-pegged stablecoin called Magic Internet Money (MIM). Abracadabra uses the Kashi Lending Technology pioneered by SushiSwap (SUSHI) to provide isolated lending markets that allow users to adjust their risk tolerance according to the collateral they decide to use. Anyway, it is clear that SPELL has changed direction from downward to upward. It seems that SPELL is making a Cup and Handle pattern; if true, considerable growth is expected. Let's see what happens.
CRYPTO:SPELLUSDLong
by SaeedSalehinia
set up for trading a falling wedgeWhen a stock or index price move has fallen over time, it can create a wedge pattern as the chart begins to converge on the way down. Traders can look to the beginning of the descending wedge pattern and measure the peak to trough distance between support and resistance to spot the pattern. As the price continues to slide and lose momentum, buyers begin to step in and slow the rate of decline. Once the trend lines converge, this is where the price breaks through the trend line and spikes to the upside. The falling wedge indicates a bullish reversal pattern in price. It has three common characteristics that traders should look for: it has converging trend lines, declining volume as the trend line progress, and finally, it will be preceded by a breakout through the upper trend line. What all these things come together, you have a falling wedge pattern, and a breakout to the upside should be anticipated.
COINBASE:SPELLUSDLong
by dead4586
7
SPELL Token --- Potential for a Inverse head & shoulders to formDCA buying in the right shoulder area could be prove to be fruitful when we get out general Altcoin rally The investment thesis is quite simple people will see that Fantom might be trading at a $1.50 soon enough And think damn , I missed a 10X what can I buy in the fantom the ecosystem to catch up that 10X So they venture further down the risk spectrum And find spell, spookyswap, tomb etc You get the idea don't you It's the same with people seeing BTC trade at 80K and thinking damn I missed that train what else can I buy???
CRYPTO:SPELLUSDLong
by BallaJi
9
Oh oh it’s magic, you know… never believe it’s not soSpell is a new one for me but the probability looks decent. We’re seeing a push to the upside with 18% gains in 24hour. Keeping an eye on the $0.0009 mark next stop $0.001 pretty intense stuff if this moves to 1/10th of a penny, but we will see how the market moves, currently volume is picking up and decreasing volume is still moving upwards so all is looking good, keep in mind it’s good for a few % scalps or heavy pullback can occur. Good luck and have fun with it
COINBASE:SPELLUSDLong
by Ncard137
1
Spell Comparison to IntuitThe Abracadabra protocol has two major tokens. SPELL, the governance token of the platform, and MIM (Magic Internet Money). each offer benefits, the primary function of the Spell Token is staking (for interest bearing SPELL called sSPELL). Like most other tokens using the Ethereum platform, SPELL can be staked to gain various benefits. Two main ones are: Governance: Since the Abracadabra protocol is truly decentralized, the number of Spell Tokens you have will determine how much weight your opinion has in changing features such as liquidation fees, collateral and total value locked (TVL). Passive Income: When Spell Tokens are staked, users earn a percentage of trading fees from the platform. These fees are interest that’s earned primarily from users borrowing MIM. 75% of the fee goes to token holders; 20% is allocated to the governance treasury, which aids liquidity pools; and the last 5% is kept in a multisig treasury that helps mitigate risks when market conditions worsen. OK, to compare with INTU now: Intuit, best-known as the parent company of TurboTax and small-business accounting software QuickBooks, but it’s pushing to become part of the broader consumer finance landscape. In December 2020, it completed a $8.1-billion acquisition of Credit Karma, a credit-monitoring service that provides personalized credit card and loan recommendations to 110 million customers. The Credit Karma segment serves consumers with a personal finance platform that provides personalized recommendations of credit card, home, auto and Personal Loans , insurance products, online savings and checking accounts. I chose this one because it was in the consumer finance sector. Im sure something like Capital One Financial (NYSE: COF) would also prove to be bullish. This is just a comparison with pattern shapes and some basic MA's.
CRYPTO:SPELLUSDLong
by dead4586
SPELLUSD strong bullish break-outThe Spell token (SPELLUSD) has recently broken above the Channel Down pattern that it's been trading in since December 27 2021. Yesterday it made another big bullish break-out as it broke above the 1D MA100 (green trend-line) for the first time. Ideally we would like to see a 1D candle close above it and the 0.382 Fibonacci retracement level as well but with the 1D MACD invalidating a Bearish Cross that was previously seen on the Channel's Lower Highs, we expect this to be the decisive move to start a long-term bullish trend. We are targeting the 1D MA200 (orange trend-line) on the short-term. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
FTX:SPELLUSDLong
by TradingShot
3