Scott Melker Predicts Bullish Trend For ALGO, MATIC, EGLD & XMR

A popular cryptocurrency trader and analyst, Scott Melker also known as ‘Wolf Of All Streets’ looks into the price action of four altcoins: Algorand (ALGO), Polygon (MATIC), Elrond (ELGD) and Monero (XMR).

Algorand (ALGO)

Melker shares with his 568K Twitter followers that the decentralized blockchain protocol Algorand seems ready to move up after retesting support at the $1.84 level.

The traders next resistance target is $2.60.

“Perfect retest of $1.84”

$ALGO

Perfect retest of $1.84 ✅ pic.twitter.com/4J76DIpJjx

— The Wolf Of All Streets (@scottmelker) September 12, 2021

Polygon (MATIC)

Looking into Ethereum scaling solution Polygon (MATIC), Melker says that MATIC seems bottomed out and is ready to climb up. Next stop: previous all-time high of $2.70.

“Strong support. Look at all of those wicks below.

Looks like it wants to go up, assuming Bitcoin remains stable.”

$MATIC

Strong support. Look at all of those wicks below.

Looks like it wants to go up, assuming #Bitcoin remains stable. pic.twitter.com/HrIXCj2uiA

— The Wolf Of All Streets (@scottmelker) September 14, 2021

Elrond (EGLD)

Smart contract platform Elrond (EGLD) is currently trading at $270. EGLD has already taken out Melker’s key price levels and is resting at a new high before moving into price discovery. The analyst targets $340 as the next level.

“You had your chances.”

$EGLD

You had your chances. pic.twitter.com/vCE3EP98Zf

— The Wolf Of All Streets (@scottmelker) September 14, 2021

Monero (XMR)

Wolf Of All Street is also keeping an eye on the privacy coin Monero (XMR). After a break above $316, the next resistance areas would be $390 and $519.

“XMR looks [good]. Nice support bounce on this ascending triangle.”

$XMR looks bueno. Nice support bounce on this ascending triangle. pic.twitter.com/Ltq7FSMgur

— The Wolf Of All Streets (@scottmelker) September 13, 2021

Bitcoin (BTC)

Melker also tweeted that he’s opened a leveraged long on the leading crypto asset for the first time in months.

“Look, mom. More bullish divergence with RSI (relative strength index) is building.

The premise of this trade has not changed, therefore I have not exited and do not intend to. Close call on the stop, was a bit tight.”

$BTC

Look, mom. More bullish divergence with RSI is building.

The premise of this trade has not changed, therefore I have not exited and do not intend to. Close call on the stop, was a bit tight. https://t.co/3a99TLr78S pic.twitter.com/HFoYpnDhCz

— The Wolf Of All Streets (@scottmelker) September 13, 2021