Scott Melker Predicts Rallies For ADA, ATOM, AVAX, ELGD & SUSHI
Scott Melker, a popular crypto analyst and trader is closely following Cardano, Cosmos and three other altcoins (AVAX, EGLD and SUSHI) for which he predicts upcoming rallies.
Cardano (ADA)
In a recent video, the host of Wolf of All Streets tells his 78K YouTube subscribers that it seems clear skies for Cardano after the smart contract platform breached $2.47 earlier this week.
“Bottom line, you saw what Solana (SOL) and LUNA (Terra) and all of these coins have done in price discovery. This is the new all-time high for ADA. Continues to make all-time highs. No reason to believe for now that it will stop.”
The trader’s initial price target for Cardano is around $3.40, representing potential 24% rise from its current price of $2.74.
Cosmos (ATOM)
The second altcoin on the trader’s radar is Cosmos (ATOM), a project that aims to help developers build different blockchains that can transact and exchange data, creating a decentralized internet of blockchains. Cosmos is one resistance area away from climbing to his price target, says the analyst.
“Looking at the USDT pair, very clean breakout of the trading range that was in after the drop in May. Same thing as Bitcoin. Now it’s above this ($17) again… So now we have the break. It did not retest… So again, you either buy a dip here or you wait to clear this supply area, and you buy here ($23), looking for a target up in the $32 range.”
Avalanche (AVAX)
According to Melker, Avalanche (AVAX), is poised to revisit its all-time high of around $60.
“This looks like a massive move, a major dip-buying opportunity if you get them. And look at this volume… This is absolutely astounding when you compare it to all of the volume in this downtrend and consolidation.”
Elrond (EGLD)
Next up is internet-scale blockchain Elrond (EGLD), which is gearing up to take out its immediate resistance, says Melker.
“A close above $148.65, same thing, you either get greedy or you buy it up here ($156), or you try to catch it as support here ($148.65).”
A breach of $148.65 could take EGLD to $203 first and then $245, his chart would suggest.
SushiSwap (SUSHI)
The last altcoin on the list is automated market maker SushiSwap (SUSHI). According to the trader, SUSHI is in the process of converting resistance at $13.50 into support.
“That’s the restest you’re looking for. It’s happening right now. This should be targeting $22.537. And there’s not much resistance at this area (between $13.50 and $22.53).”
