Scott Melker, a prominent crypto strategist and trader, is keeping a careful eye on seven cryptocurrencies that he believes are on the verge of breaking through their immediate resistance levels.
Melker informs his 83,000 YouTube subscribers in a new strategy session that he is watching the market activity of ETH as it attempts to exhaust sellers near $3,330.
“However, you ideally want to see [ETH] hold $3,000. That is the highest point in this range… And the true transaction is one, two, three, four, five, and six touches that are unable to breach $3,330. You want to get above it and then hope we keep rising.”
Melker believes Ethereum can reach his target price of $4,384 if it rises beyond $3,330.
When it comes to Cardano, the crypto trader believes that the “sky is the limit” for ADA after it exceeded its resistance level of $2.47 and then retested it as support.
Binance Coin is another coin that traders are interested in (BNB). Melker claims that Binance’s utility token, BNB, is facing strong opposition, but he remains bullish on BNB and believes that it will return to its all-time high.
“We would expect a lot of resistance here between $570 and $615, but this should eventually rebound to $691.”
Next up is XRP, which the crypto expert believes is poised to spark a rally as long as it maintains a crucial level.
“If it maintains at $1.10, we could expect the price to rise to the $1.50 to $1.70 range, eventually approaching $2. After that, we’ll be able to figure it out.”
Polkadot (DOT), an interoperable blockchain, is also on the traders’ list. Melker suggests that DOT may be creating a bottom structure on a daily basis.
“Right now, we have really strong opposition between $28 and $31. Right now, I’d like to climb over that level. But, yet again, potential tweezer bottoms… When you have these small little wicks down there to an equal low, the price rises.”
Melker’s chart indicates that a rise above $31 might push DOT close to its all-time high of $49.
Concerning the decentralized exchange Uniswap, the crypto analyst believes that UNI should break through a diagonal barrier around $27 in order to rally to his targets of $30 and $44.
Terra is the final coin on Melker’s radar (LUNA). According to Melker, the decentralized finance payment network might reach $50 after breaking out of a bull flag formation on the lower period.