Cryptocurrencies offer numerous ways to earn and one of the most legit is lending markets, allowing to borrow and lend assets. Abracadabra is one such platform that also offers adjustment of the risk tolerance and SPELL coins farming. Despite the latest bearish tendencies analysts believe that the asset can go up in the long term. Read our SPELL token price prediction to make the best investment decisions.
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Spell Token Price Prediction: Is Spell Token THE Meme Coin of 2022?
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Table of Contents
Spell Token Fundamental Analysis
Project name
Spell Token
Stock Symbol
SPELL
Current Price
0.000637033933416403
Current Supply
149115295388.952
Official Website
Spell token is a reward token for the Abracadabra.money — a lending platform for borrowing USD-pegged stablecoins called Magic Internet Money. It utilizes Kashi Lending Technology first introduced by SushiSwap to provide isolated lending markets that allow users to modify risk tolerance according to the collateral they use. Using any other assets as collateral the users can borrow MIM tokens.
Abracadabra also offers yield farming options to its users, who can farm SPELL tokens by becoming liquidity providers, thus creating better liquidity for certain cryptocurrency pairs, for instance, ETH-SPELL and MIM-3CRV. Moreover, using borrowed MIM the users can open leveraged farming positions.
Even though Abracadabra is not claimed to be a decentralized autonomous organization it is governed by the community through the Snapshot page. MIM tokens are minted with a 6/10 multi-signature contract composed of 10 partially pseudonymous users.
Thanks to the innovation of isolated lending markets, users can provide liquidity for any asset, so Abracadabra can offer even the trading pairs ignored by the major exchanges. It also allows users to leverage their interest-bearing token positions by borrowing against their positions, borrowing against borrowed stablecoin, creating the loops, and increasing the leverage. As everything is done in one transaction the gas fees are only paid once.
SPELL is a native token of the project that can be farmed by providing liquidity in one of the pools and also staked to accrue the share of the gas fees (interest, borrowing fees, liquidation fees) on the platform. The token has a total supply of 210 billion with 82 billion coins currently circulating.
Spell Token Live Price Chart
Since the launch SPELL token was in a continuous uptrend and reached an impressive market capitalization of nearly 2 million dollars. The asset was initially traded for $0.0014 and started to grow at the beginning of September 2021, when the whole crypto market was going bullish.
On September 23, the token reached $0.0046 and sustained at the level of $0.0035 for the next week. At the beginning of October SPELL started to rise again and hit $0.02 on October 12. It was followed by the market correction and the token fell as low as $0.013 to rise again. The price was growing till November 3, when it hit the all-time high of $0.034.
Bearish tendencies of the crypto market in November affected SPELL and it was pulled off to $0.007 on December 4. In 3 days the token recovered gaining about 40% of the price and on December 7 was traded for $0.02 and straight after was corrected, got stabilized around $0.014 in the middle of December.
At the end of the year, the token started gaining value again and went back to a level of $0.02-0.025 in the first week of January.
From the beginning of the year, SPELL was bearish and kept losing in price. In mid-January, it was at the level of $0.014 and the SPELL price chart continued to decline. In the last 7 days, the token lost almost 25% of its value and is still shrinking.
Spell Token Technical Analysis
Despite the fact that 100% accurate technical analysis for Spell Token cryptocurrency is hardly possible, on this advanced technical analysis tool by TradingView you can see the real-time aggregated SPELL buy-and-sell rating for selected timeframe. The summary for SPELL/USD is based on the most popular technical indicators — Moving Averages, Oscillators and Pivots.
Spell Token Price Prediction
Below we have collected the most reliable price projections for Spell Token (SPELL) from popular forecast platforms.
Spell Token Price Prediction for 2023
As of the beginning of 2023, Spell Token price predictions are mostly pessimistic, predicting a decline to $0.0003759 (PricePrediction.net) and even lower, down to $0.00004459 (according to TradingBeast) by the end of 2023.
Potential ROI:
-72%
Sell
Spell Token Price Prediction for 2024
According to TradingBeast, in 2024 Spell Token price is predicted to decline to $0.00001159, which makes Spell Token a poor investment option. PricePrediction.net, in turn, predicts the price drop to $0.0005861, and WalletInvestor agrees with a predicted price fall down to $0.0001816.
Potential ROI:
-59%
Sell
Spell Token Price Prediction for 2025
The experts are unanimous in their Spell Token price forecasts for 2025 — everybody expects Spell Token’s price to drop down by the end of that year. PricePrediction.net predicts the price to fall, reaching $0.0005988. According to TradingBeast’s research, Spell Token’s price can drop down to $0.00002099. WalletInvestor’s forecast is also not so positive: its analysts hold the view that by 2025 Spell Token’s price will be about $0.0002124.
Potential ROI:
-56%
Sell
Spell Token Price Prediction for 2026
WalletInvestor has only pessimism in store for the 2026 Spell Token price prediction, valuing Spell Token at $0.0003675 by the end of 2026. TradingBeast agrees with a negative forecast and predicts, in turn, $0.00003546 for the same period. On the other hand, PricePrediction.net’s team is more optimistic — their Spell Token price prediction for December of this year is just $0.0007135.
Potential ROI:
-42%
Sell
Spell Token Price Prediction for 2030
Speaking of long-term Spell Token price predictions for 2030, experts present two polar opinions. WalletInvestor expresses the view that Spell Token price won’t grow further and, opposedly, will decline to $0.0005806. TradingBeast’s price prediction for Spell Token echoes with the projection of a downtrend to $0.00004291. Despite this, PricePrediction.net’s vision remains positive, promising growth up to $0.001121.
Potential ROI:
-9%
Sell
Summary
As it can be clear from the analysis cited above, Spell Token (SPELL) projections are rather contradictory. There is no universal consensus either about positive or negative future SPELL price movements. Indeed, the future possible growth depends on various factors: announcements, new technological solutions of the Spell Token projects, the crypto environment in general, legal position, and so on. We kindly remind you that before investing in any cryptocurrency, it is essential to do your own research (DYOR).
Disclaimer:
This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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