Here Are the Breakout Targets for Ethereum, Cardano, XRP and Four Altcoins, According to Analyst Scott Melker
By: Daily Hodl Staff
Prominent crypto strategist and trader Scott Melker is keeping a close eye on seven altcoins that he says are threatening to take out their immediate resistance levels.
In a new strategy session, Melker tells his 83,000 YouTube subscribers that he’s watching the price action of ETH as it looks to exhaust sellers 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.”
Above $3,330, Melker predicts Ethereum can soar to his target of $4,384.
Looking at Cardano, the crypto trader says that the “sky’s the limit” for ADA after it breached its resistance of $2.47 and then retested it as support.
Another coin on the trader’s radar is Binance Coin (BNB). Melker says the utility token of crypto exchange Binance is facing heavy resistance areas, but he’s 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.”
Next up is XRP, which the crypto strategist says is gearing up to ignite a rally as long as it holds a 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.”
Interoperable blockchain Polkadot (DOT) is also on the trader’s list. Melker highlights that DOT 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.”
According to Melker’s chart, a move above $31 could send DOT near its all-time high of $49.
As for decentralized exchange Uniswap, the crypto strategist says that he wants to see UNI take out a diagonal resistance around $27 so it can rally to his targets of $30 and $44.
The last coin on Melker’s radar is Terra (LUNA). Melker says the decentralized finance payment network can surge to as high as $50 after breaking out from a bull flag pattern on the lower timeframe.