SPELL currently shows several bearish signals. From the daily and slow trend perspectives, this asset is in a clear downtrend pattern, with ADX strength reaching 50.6, indicating a solid trend establishment.

On the technical side, SPELL has a clear resistance level on the 4-hour chart. The key resistance is around 0.00027033, while support below is near 0.00024025. The current price activity fluctuates within this range, with relatively low trading volume, and prices remain stable amid decreasing volume. Notably, this critical resistance level has been tested 35 times, with a strength score of 65%, suggesting that such repeatedly confirmed key levels often have strong resistance effects.

Market sentiment shows a long-to-short ratio of 1.79:1, indicating a generally bullish sentiment. However, the order book depth shows a buy-to-sell ratio of 0.73:1, implying that the actual selling pressure is not weak. Sometimes, this divergence between sentiment and market reality can lead to quick adjustments.

From a trading perspective, consider shorting near the 0.0002449 price level, with a stop-loss set at 0.00025221(, representing a risk of 2.98%). Profit targets are set at three stages: 0.00023394( with a risk-reward ratio of 1.5:1), 0.00022663( with a ratio of 2.5:1), and 0.00021567( with a ratio of 4.0:1). Position size is recommended to be controlled at 0.7%, with an effective duration of 480 minutes.

The signal strength score is 85/100. However, it is important to remind that the cryptocurrency market is highly volatile, and strict risk control and stop-loss execution are essential. This analysis is for reference only; specific operations should be made cautiously based on your own risk tolerance.