Scott Melker Predicts Rallies For SHIB And XRP, And Looks Into Bitcoin
According to a popular crypto analyst and trader, Scott Melker, meme coin Shiba Inu (SHIB) and XRP look ready to launch fresh rallies. He is also looking into Bitcoin.
Shiba Inu (SHIB)
In a recent video, Melker shared with his 110,000 subscribers on YouTube that Shiba Inu appears very bullish after clearing a diagonal resistance that has kept the meme coin bearish during the past few weeks.
“I bought it because it’s breaking out on the chart and I think it can go back to the highs… This thing has a ton of volume. We’re seeing this four-hour candle is the biggest in a few days, breaking out. I love that. My target’s up here ($0.000089).”
At time of writing, SHIB is trading at $0.0000529.
XRP
The trader is also closely following Ripple’s native token XRP, which according to Melker seems ready to move up after breaking out of its diagonal resistance and retested it as support.
Looking at the analyst’s chart, XRP could rally to around $2.00 level. At the time of writing XRP trades at $1.20.
Bitcoin (BTC)
Regarding the leading digital asset Bitcoin, Melker that for now it looks bearish as the relative strength indicator (RSI), which tracks an asset’s momentum, is showing signs of weakness.
“It looks like it’s kind of toppy here. We’ve got bearish divergence right. Bearish divergence on the daily. That usually plays out, especially when it’s coming out of overbought.”
