Crypto analyst and trader Scott Melker is mapping out price levels for Cardano and two red-hot altcoins that are key in keeping their bullish momentum alive.
In a new strategy session, Melker tells his 36,500 YouTube subscribers that Cardano (ADA) is currently trading in a wide range between $1.50 and $0.98, but it now has an opportunity to break out of consolidation.
“This is beautiful… I’d be looking for something like this (move above $1,24) if it continues.”
Melker notes that the buy levels for Cardano for bullish continuation are around $1.20 and the breakout and retest of $1.50 as support. Should Cardano follow the script, a breakout can potentially catapult ADA to a new all-time high of $2.20.
Looking at Dogecoin (DOGE), the trader says it must take out a strong resistance level before it can gather some bullish momentum.
“I would say get it above that line, $0.28. Take it off the top [and] we can