ETH, BNB, ADA, DOGE, XRP, DOT and UNI Analysis by Scott Melker
Popular crypto analyst and trader Scott Melker AKA ‘The Wolf of All Streets’ is closely following the key levels for a group of high market cap altcoins.
Melker says that Cardano’s current price action is displaying directional uncertainty, but that the key level to watch is the $1.50 mark.
“ADA/USD – really really gross chart, really weird to look at. Not gross because it’s bad just a ton of sideways chop. Big move up, huge move down. All kinds of indecision, wicks all over the place – just a very hard chart to read. Still clear that the $1.50ish [level] is an important level.”
The trader says Ethereum has formed a complex inverse head and shoulders pattern and needs to surmount the resistance level just below $3,000 to ignite a fresh rally.
“We need to see a break of this resistance right here to start to feel bullish on Ethereum.
…You can see that based on the depth of this pattern this would ultimately be the target up here, around $4,133.”
When it comes to Binance Coin (BNB), Melker says it is also forming a “complex inverse head and shoulders” pattern. The analyst predicts that the asset, which is currently trading at around $380, will face resistance at above $420.
“BNB/USD looks exactly like that ETH/USD chart that I showed before. Sort of a complex inverse head and shoulders. If it breaks out it would give us a target up in these areas somewhere right here and you can see that $423 will probably be a key resistance as well as this whole area around $500 up to like maybe $510, $520… something like that.”
As for Ripple’s native asset XRP, Melker is bullish on the cryptocurrency as long as it can continue to trade above $0.79.
Dogecoin (DOGE): recent recovery from slightly below $0.30 on Monday to above $0.40 is an indication of an upcoming breakout, according to the analyst.
“This does look like a breakout and re-test. The problem is, yet again, no volume. But from a technical perspective one, two, three, four touches as resistance and then two touches now as support – that should theoretically head up all depending on what Bitcoin does.”
The trader says that Polkadot (DOT) needs to move above the current “key support” at around $22 before it can rally. Uniswap (UNI), on the other hand, is exhibiting bullish swing failure patterns (SFPs).
“UNI on the USD pair also bounced right into key support. It’s very hard to tell but looks like these are very bullish SFPs right here – three wicks that went below found liquidity and price moved up.”
