Closely-followed analyst and trader Scott Melker in a new strategy session tells his 36,500 YouTube subscribers that he is charting price levels for Cardano Bitcoin and two other altcoins that are crucial to maintaining their bullish momentum.
Cardano price is attempting to recover after a dramatic drop in recent sessions. According to Scott Melker Cardano which is currently hovering between $1.50 and $0.98, the range might now have an opportunity to break out of its consolidation zone.
He went on to say that,
“This is beautiful… I’d be looking for something like this (move above $1,24) if it continues.”
Cardano’s buy levels for the bullish rally, according to Melker, are about $1.20 and the breakout and retest of $1.50 as support. A breakout could catapult ADA to a new all-time high of $2.20 if Cardano follows the script.
When it comes to Dogecoin (DOGE), the trader believes it needs to break through a high resistance level before it can gain bullish momentum.
“I would say get it above that line, $0.28. Take it off the top [and] we can go up there ($0.45). Otherwise, that’s pretty good resistance.”
Despite all of the Dogecoin glory, crypto analysts are very optimistic about the future of DOGE in 2021. Dogecoin price forecasts are all pointing upwards, with some even predicting that the coin will reach $1 this year. Dogecoin is currently trading at $0.314420.
Melker still seems to be interested in Litecoin (LTC). LTC is trading within a descending channel, and according to the trader, which it can break out of if it manages to climb above a critical stage.
“I would say you trade it like this if you’re in the USD pair. You get above that ($250) and then you’re heading up here, $370 again.”
The Litecoin price seems to be making a strong recovery after it dropped by more than 38% last week. The LTC price is trading at $255.65.
As for the King coin, Melker says that BTC must breach its immediate resistance to maintain its bounce.
If you want to get truly bullish again, you gotta be above here ($56,000).”
He believes that there are a few reasons to be bearish on Bitcoin. Which appears to be a rounding top, similar to the ones we’ve seen on rounding bottoms. If it drops more, he would like to see it do this (fall to $41,000) and sweep that low. That would result in a massive oversold RSI (relative strength index) on a daily basis.
If Bitcoin fails to move from resistance to support at $56,000, Melker believes the leading cryptocurrency faces a new sell-off below $50,000. Melker also says that a drop to $41,000 will allow Bitcoin to carve a bottom and spark a huge rally to $72,500.