Scott Melker’s Breakout Targets for ETH, ADA, XRP And 4 Other Altcoins
Scott Melker a well-known crypto trader and analyst is closely following seven altcoins that he sees breaking out after taking out their immediate resistance levels.
Ethereum (ETH)
In a recent video, Melker shares with his 83,000 YouTube subscribers that he’s keeping an eye on the price action of ETH as it looks like buying stops at $3,330.
“But ultimately, you want to see [ETH] hold $3,000. That’s the top of this range… And the real trade now is one, two, three, four, five, six touches unable to break $3,330. You want to get above that and then hope that we continue to rise.”
If ETH can break $3,330, the trader reveals his target of $4,384.
Cardano (ADA)
Regarding at Cardano (ADA), the “sky’s the limit” after it breached its resistance of $2.47 and then retested it as support, says Melker.
Binance Coin (BNB
According to the trader, utility token of crypto exchange Binance is facing heavy resistance areas, but he is bullish on BNB and predicts that it will revisit its all-time high.
“We would expect a lot of resistance here between $570 and $615 but ultimately, this should be returning back up to $691.”
XRP (XRP)
Next up is XRP, the native token of payment giant Ripple. Melker says XRP is gearing up to ignite a rally as long as it holds a certain key level.
“If it holds $1.10, we should expect price to be heading up to the $1.50 to the $1.70 region, ultimately, almost $2. After that, we can figure it out.”
Polkadot (DOT)
Melker is also looking at Polkadot (DOT), which he thinks could be forming a bottom structure on the daily timeframe.
“Now at this point, we have a very strong resistance between $28 and $31. I would really to get above that area right now. But once again, tweezer bottoms, potentially… That’s when you have these tiny little wicks down there to an equal low and then the price goes up.”
A move above $31 could shoot DOT near its all-time high of $49.
Uniswap (UNI)
Regarding decentralized exchange Uniswap, the analyst wants to see UNI take out a diagonal resistance around $27, in order to rally to his targets of $30 and $44.
Terra (LUNA)
Finally Melker covers decentralized finance payment network Terra (LUNA), which he thinks can surge to as high as $50 after breaking out from a bull flag pattern on the lower timeframe.
