Analyst Says ‘Much More to Come’ for Spell Token (SPELL) Despite 230% Spike, Points to Key Price for Major Breakout

Over the past month, the price of Spell Token (SPELL) has seen massive gains, spiking over 230% from recent lows. Despite this parabolic rise, some analysts believe the rally has much further to run. In the last week alone, SPELL has gained over 150%, with prices bursting through resistance levels as trading volume and market enthusiasm expands.

As crypto analyst and trader @cryptoknight890 points out, SPELL remains early in its upward price expansion based on the weekly chart. With the current price at $0.0017, he sees substantial upside room even from these levels.

Analyst Sets $0.0235 Breakout Target

As crypto analyst JavonMarks states, SPELL prices are “continuing to climb HEAVILY,” doing a near 3X within the past 21 days. However, he sees “much MORE COMING,” with $0.0235085 remaining as the breakout target. This implies another +1,680% move could take place.

So while SPELL has already experienced impressive gains in recent weeks, JavonMarks believes this is just the beginning, with the rally likely to continue surging to new highs in the near future. The current price action seems to validate his bullish stance so far.

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While impressive, this magnitude of parabolic rise is not unprecedented in altcoin markets in the midst of major bullish momentum.

Despite its over 200% gain already, SPELL appears primed for exponential growth as analysts eye a price channel bringing SPELL to nearly $0.025 and then more than 1600% in the current rally. With altcoins often moving dramatically in waves, traders seem to believe this wave still has a long way to crest.

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Rudolph Waltz
Rudolph Waltz

Journalist. 2 years working in a local newspaper in Karlsruhe, Germany. Now Rudolph is engaged in writing analytical articles for the cryptocurrency market. He creates an analysis of ICO-projects, conducts research, and does surveys on the crypto-market.