Well-respected crypto strategist and trader Scott Melker is keeping a close eye on Cardano, Cosmos, and three other altcoins that he says will spark major rallies.
In a new strategy session, the crypto analyst tells its 78,100 YouTube subscribers that it’s clear skies for Cardano after the smart contract platform broke its previous high of $ 2.47.
“The bottom line was that you saw what Solana (SOL) and LUNA (Terra) and all these coins did in terms of pricing. This is the new all-time high for ADA. Continues to hit all-time highs. For now there is no reason to believe that it will stop. ”
According to Melkers chart, his initial price target for Cardano is around $ 3.40, which is a potential gain of nearly 20% from the current price of $ 2.85.
Another coin on the trader’s radar is Cosmos (ATOM), a project designed to help developers build various blockchains that can handle and share data to create a decentralized internet of blockchains. According to Melker, Cosmos is only one area of resistance away from meeting its price target.
“Looking at the USDT pair, a very clean breakout of the trading range hit after falling in May. The same as Bitcoin. Now it’s about that again ($ 17) … So now we have the break. It hasn’t been retested … So again either buy a decline here or wait to clear this supply area and buy here ($ 23) looking for a target in the $ 32 area. ”
Next up is the Avalanche (AVAX) smart contracts platform, which Melker says will hit its all-time high of around $ 60 again.
“This looks like a massive move, a great dip-buy opportunity if you get it. And look at that volume … that’s absolutely amazing when you compare it to the total volume in this downtrend and this consolidation. “
The fourth coin is the Elrond Internet-Scale Blockchain (EGLD). According to the crypto analyst, EGLD is preparing to turn off its immediate resistance.
“A close above $ 148.65, same thing, either you get greedy or you buy it here ($ 156) or you try to catch it here for support ($ 148.65).”
According to Melkers chart, a break of $ 148.65 could bring the EGLD to $ 203 first and then to $ 245.
The last crypto asset on the list is the automated market maker SushiSwap (SUSHI), which Melker says is in the process of converting the resistance at $ 13.50 into support.
“This is the calm you are looking for. It’s happening right now. This should be aimed at $ 22,537. And there isn’t much resistance in that area (between $ 13.50 and $ 22.53).
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