$SPELL USDT is currently showing strong bearish continuation on the 4H timeframe, with price decisively breaking below the lower boundary of the descending channel.
The chart displays a clear breakdown from the channel structure, followed by lower lows and failed retests of the broken line. Momentum remains downward (red candles dominating the recent sessions), and volume has not shown meaningful buying absorption on the minor bounces — this is typical of continuation rather than reversal.
Current price (~0.001733) is trading below the channel floor and sitting near the lower dotted support (~0.00170–0.00165 area). A clean close below this level with increased volume would likely accelerate the move toward the next major liquidity pocket around 0.00150–0.00140.
Watch closely for rejection or absorption at ~0.00165–0.00170. If it holds and we get aggressive buying volume + reclaim of 0.00190, bulls could attempt a defense. Otherwise, lower targets remain the path of least resistance.
What's your current view on SPELL — expecting more downside or looking for a bounce here? Drop your thoughts below!🚀
