After a slight correction, cryptocurrency prices have dropped in the last 24 hours. Bitcoin price dropped 0.93 percent to $47,979. The worldwide crypto market cap is at $2.17 trillion.
Scott Melker, a well-known crypto trader and analyst, is positive on Algorand (ALGO), Polygon (MATIC), and two more cryptocurrencies.
After perfectly retesting support at the $1.84 level, the analyst known as the Wolf Of All Streets tells his 568,100 Twitter followers that the decentralized blockchain system ALGO seems set for continuation. The next point of resistance for the crypto asset, according to Melker, is $2.60.
“Perfect retest of $1.84”
He believes that the Ethereum scaling solution Polygon (MATIC) has bottomed out and is set to climb higher. He expects the token will return to its prior all-time high of $2.70.
“Strong support. Look at all of those wicks below. Looks like it wants to go up, assuming Bitcoin remains stable.”
Elrond, a smart contract platform, is also on Melker’s radar (EGLD). He demonstrates that the asset has already taken out his key price levels and is resting at a new high before moving into price discovery, now trading at $266. He’s aiming for $340 as the next target.
Monero, a privacy coin, is the last altcoin on his radar (XMR). He’s keeping an eye on $390 and $519 as the next levels of resistance after a break over $319.
“XMR looks [good]. Nice support bounce on this ascending triangle.”
Melker explains that he’s initiated a leveraged long position on Bitcoin (BTC) for the first time in months, predicting that BTC will continue its rise if it breaks out of its bullish divergence formation, which normally suggests further upside ahead.
More bullish divergence with the RSI (relative strength index) is forming, according to him. Because the foundation of this transaction has not altered, He has not exited and has no plans to do so. It was a close call on the stop; it was a little tight.”