Scott Melker Lists Top 4 Altcoins To Follow In This New ‘Altseason’
A cryptocurrency analyst and trader, Scott Melker aka ‘Wolf of All Streets’ reveals his top four alternative coins as altseason is making a comeback.
Cosmos (ATOM)
In a recent video, Melker shares with his 77K YouTube subscribers that he is closely following on scalable blockchain network Cosmos (ATOM) in both its Bitcoin (BTC) and USD pairs.
Looking at the asset’s Bitcoin pair, the trader says he’s interested in ATOM if it can close above 0.000357 BTC ($16.01 at time of writing).
ATOM is also hitting resistance at just under $17 in its USD pair, and If the asset can break cleanly above this level, it could be giving “a very clear signal that this is entering a new uptrend,” according to Melker.
Avalanche (AVAX)
Next up, Melker takes a look at blockchain project Avalanche (AVAX), which is also meeting resistance against Bitcoin at 0.00054 BTC ($24.20 at time of writing). The asset is on the verge of flipping the 50-week moving average, according to the analyst.
“If you flip 0.00054 [BTC] here, you should be levitating up to 0.00089507 [BTC].”
Looking at the AVAX/USDT pair, Melker sees a potentially clean breakout above $21. According to the analyst, if the USDT pair maintains a clean break above that level, then AVAX could experience a similar break in its BTC pair.
Elrond (EGLD)
The third altcoin on Melker’s list is blockchain network Elrond (EGLD). In its Bitcoin pair, EGLD is currently at the top of a move and will likely consolidate for a period, says the analyst. If it can close above 0.003 BTC ($135 at time of writing), it could signal confirmation of a breakout and provide a solid long trade.
According to Melker, if EGLD can close above $150 in its USD pair, his next target will be $200.
SushiSwap (SUSHI)
The fourth and last altcoin the trader is watching is SushiSwap (SUSHI). He says that although the asset is triple-bottoming, it could confirm a breakout if it can sail above 0.000279 BTC ($12.59 at time of writing) in the Bitcoin pair.
Against USD, if SUSHI breaks clear of the $13.40 level, it could “levitate” up toward $22 and almost pull a 2x, says Melker.
