Prominent crypto strategist and trader Scott Melker is keeping a close eye on seven altcoins he says threaten to remove immediate resistance levels.
In a new strategy session, Melker told 83,000 YouTube subscribers that he is watching ETH price action as he looks to exhaust sellers at $3,330.
“But in the end, you want to see [ETH] $3,000 contract. This is the top of that range… and the real trading right now is one, two, three, four, five, six touches unable to break $3,330. You want to get past that and then hopefully we can keep going.”
Above $3,330, Melker expects Ethereum to rise to his target of $4,384.
Looking at Cardano, the crypto trader says ADA’s “sky limit” after it broke the $2.47 resistance and then retested it as support.
Another coin on the trader’s radar is Binance Coin (BNB). Melker says that the utility token of the Binance crypto exchange is facing severe resistance areas, but he is bullish on BNB and expects it to return to an all-time high.
“We expect a lot of resistance here between $570 and $615, but in the end, that will come back to $691.”
Next up is XRP, which the crypto strategist says is poised to spark a rally as long as it holds a key level.
“If it holds $1.10, we should expect the price to go up to $1.50 to the $1.70 region, and eventually, around $2. Then, we can find out.”
The Polkadot (DOT) interoperable blockchain is also on the list of traders. Melker highlights that the DOT may form a bottoming structure on the daily time frame.
“Right now at this point we have a very strong resistance between $28 and $31. I would really like to break out of that area now. But again, the tweezers would probably be the bottoms of… and that’s when you have these little wicks to a similar low and then it goes up the price “.
According to Melker’s chart, a move above $31 could send the DOT close to an all-time high of $49.
As for the decentralized exchange Uniswap, the crypto strategist says he wants to see UNI take out a diagonal resistance of around $27 so that it can hit its $30 and $44 targets.
The last coin on Melker’s radar is the Terra (LUNA). Melker says that the decentralized finance payments network could rise to $50 after breaking out of a bull flag pattern in the lower time frame.
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