Scott Melker: DOGE Could Rally 58%, Draws Key Support Levels for ADA & ETH

Scott Melker, a popular crypto analyst and trader shares his Dogecoin (DOGE) analysis, hinting the possibility of a significant DOGE breakout. Melker also drew key levels for Cardano (ADA) and Ethereum (ETH).

DOGE

The analyst tweets his close to 500K Twitter followers that if DOGE can break its immediate resistance at $0.26, the meme crypto could surge 58% toward $0.38. However, the trader warns that time is of essence: if bulls want to make a move, they have to do it soon.

$DOGE (USDT)

Potential bull pennant off the lows. Target ~.38 if it breaks descending blue resistance.

Big if.

Pennants often break support and form flags. Also, needs to make a move soon or the flag becomes a bit too long.

That's what she said. pic.twitter.com/nYNXFzpMnt

— The Wolf Of All Streets (@scottmelker) July 3, 2021

“Potential bull pennant off the lows. Target ~0.38 if it breaks descending blue resistance.

Big if. Pennants often break support and form flags. Also, needs to make a move soon or the flag becomes a bit too long.”

At time of writing, DOGE is trading at $0.2338, according to CoinMarketCap, with 3.37% loss on 24-hour scale.

ADA

Scott Melker also analyzed Cardano’s chart (ADA), pointing out that the Ethereum competitor shows signs of waking up and could keep on climbing toward key areas of resistance at $1.60 and $1.85.

$ADA (USDT)

Took a little while to start showing strength after the breakout, but looks likely to keep pushing. Key levels marked. pic.twitter.com/X8Gq1dFgJe

— The Wolf Of All Streets (@scottmelker) July 3, 2021

“Took a little while to start showing strength after the breakout, but looks likely to keep pushing. Key levels marked.”

ETH

The analyst believes that if Ethereum, the top smart contract platform, can turn the $2,290 level from resistance into support, ETH could push back up to $3,000.

$ETH / USD

Retest of $2,042 that I discussed a few days ago was successful. Clean break and retest of descending blue resistance in the same spot.

Flip the EQ of the range and $3000 in back in play.

Dashed line is the whole ball game for now. pic.twitter.com/A0cXstPJLD

— The Wolf Of All Streets (@scottmelker) July 3, 2021

“ETH/USD. Retest of $2,042 that I discussed a few days ago was successful. Clean break and retest of descending blue resistance in the same spot. Flip the EQ (middle point) of the range and $3,000 back in play. Dashed line is the whole ball game for now.”

Ethereum is currently hovering below Melker’s key level at $2,224, according to CoinMarketCap, and records 1.23% loss on daily chart.

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