Widely followed crypto strategist and trader Scott Melker is keeping a close watch on Cardano, Cosmos and three more altcoins that he says are poised to ignite huge rallies.
In a new strategy session, the crypto analyst tells his 78,100 YouTube subscribers that it is clear skies for Cardano after the smart contract platform breached its previous high of $2.47.
“Bottom line, you saw what Solana (SOL) and LUNA (Terra) and all of these coins have done in price discovery. This is the new all-time high for ADA. Continues to make all-time highs. No reason to believe for now that it will stop.”
According to Melker’s chart, his initial price target for Cardano is around $3.40, representing potential gains of nearly 20% from its current price of $2.85.
Another coin on the trader’s radar is Cosmos (ATOM), a project that aims to help developers build different blockchains that can transact and exchange data, creating a decentralized internet of blockchains. According to Melker, Cosmos is one resistance area away from climbing to his price target.
“Looking at the USDT pair, very clean breakout of the trading range that was in after the drop in May. Same thing as Bitcoin. Now it’s above this ($17) again… So now we have the break. It did not retest… So again, you either buy a dip here or you wait to clear this supply area, and you buy here ($23), looking for a target up in the $32 range.”
Next up is smart contracts platform Avalanche (AVAX), which Melker says is poised to revisit its all-time high of around $60.
“This looks like a massive move, a major dip-buying opportunity if you get them. And look at this volume… This is absolutely astounding when you compare it to all of the volume in this downtrend and consolidation.”
The fourth coin is internet-scale blockchain Elrond (EGLD). According to the crypto analyst, EGLD is gearing up to take out its immediate resistance.
“A close above $148.65, same thing, you either get greedy or you buy it up here ($156), or you try to catch it as support here ($148.65).”
According to Melker’s chart, a breach of $148.65 could take EGLD to $203 first and then $245.
The last crypto asset on the list is automated market maker SushiSwap (SUSHI), which Melker says is the process of converting resistance at $13.50 into support.
“That’s the restest you’re looking for. It’s happening right now. This should be targeting $22.537. And there’s not much resistance at this area (between $13.50 and $22.53).”
IDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/IM_VISUALS