Scott Melker, a popular cryptocurrency analyst and trader, has pinpointed the price key levels that Cardano (ADA), Dogecoin (DOGE), and Litecoin (LTC) must keep in order to maintain their bullish momentum.
In a new video first reported by Daily Hodl, the strategic trader told his teeming YouTube subscribers that Cardano (ADA), the 6th largest cryptocurrency by market capitalization, is currently trading in a wide range between $1.50 and $0.98, but currently has the opportunity to break out of consolidation.
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“This is beautiful… I would be looking for something like this (move above $1.24) if it continues.”
According to Scott Melker, the buy levels for Cardano (ADA) for bullish continuation can be found around $1.20 and the breakout and retest of $1.50 as support.
The analyst stated that if ADA maintains the trend, a fresh break out could send the price of ADA to the $2.20 milestone.
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Dogecoin (DOGE) Strong Resistance Level
As for Dogecoin (DOGE), the 7th largest digital currency by market capitalization, the crypto strategist pointed out that it must overcome $0.28 resistance before it can embark on another meteoric upside trend to around $0.45:
“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.”
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Litecoin (LTC) Is Trading Within a Descending Channel
Another cryptocurrency that the trader is watching is Litecoin (LTC). According to Melker, LTC is currently trading within a descending channel, stating that a possible breakout of the channel could be bullish for the digital currency.
“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.”
Bitcoin (BTC) Needs to Break $56,000 Resistance
Melker also shared his opinion regardincardano adag the price trend of the flagship cryptocurrency, Bitcoin (BTC). According to the trader, BTC needs to break its next resistance in order to get truly bullish again.
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The analyst added that failure to break above $56,000 could lead to a renewed sell-off below $50,000:
“If you want to be bearish, there’s a few reasons to be bearish on Bitcoin. That looks like a rounding top like we’ve seen on rounding bottoms… If it drops again, I would love to see it do this (fall to $41,000), sweep that low right there. That would give us a huge daily oversold RSI (relative strength index).”
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