Cardano, Cosmos and Three Other Altcoins Brewing Massive Rallies, According to Analyst Scott Melker

By: Daily Hodl Staff

“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.”

According to Melker’s chart, his initial price target for Cardano is around $3.40, representing potential gains of nearly 20% from its current price of $2.85.

“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.”

Next up is smart contracts platform Avalanche (AVAX), which Melker says is poised to revisit its all-time high of around $60.

“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).”

According to Melker’s chart, a breach of $148.65 could take EGLD to $203 first and then $245.

“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).”

Reference: https://dailyhodl.com/2021/08/23/cardano-cosmos-and-three-other-altcoins-brewing-massive-rallies-according-to-analyst-scott-melker/

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