Widely known crypto trader and strategist Scott Melker says that he’s bullish on Algorand (ALGO), Polygon (MATIC), and two other altcoins.
The analyst known as the Wolf Of All Streets tells his 568,100 Twitter followers that the decentralized blockchain protocol ALGO looks ready for continuation after perfectly retesting support at the $1.84 level.
Melker is targeting $2.60 as the next point of resistance for the crypto asset.
“Perfect retest of $1.84”
As for the Ethereum scaling solution Polygon (MATIC), he thinks that MATIC looks bottomed out and is ready to move higher. He’s anticipating a move back to the token’s previous 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.”
Melker is also keeping an eye on the smart contract platform Elrond (EGLD). Currently trading at $266, he shows that the asset has already taken out his key price levels and is resting at a new high before moving into price discovery. He’s targeting $340 as the next level to hit.
“You had your chances.”
The last altcoin he has on his radar is the privacy coin Monero (XMR). After a break above $319, he’s keeping an eye on $390 and $519 as the next areas of resistance.
“XMR looks [good]. Nice support bounce on this ascending triangle.”
As for Bitcoin (BTC), Melker reveals that he’s opened a leveraged long on the top crypto asset for the first time in months, hypothesizing that BTC is ready to continue its uptrend after it can break out of its bullish divergence formation, which usually indicates further upside ahead.
“Look, mom. More bullish divergence with RSI (relative strength index) is building.
The premise of this trade has not changed, therefore I have not exited and do not intend to. Close call on the stop, was a bit tight.”
After coming close to hitting his stop loss and bouncing back to the upside off the $43,347 level, Melker is targeting $49,356 and $52,956 for Bitcoin’s next pit stops.
“Better to be lucky than good, but a little bit of both is ideal.
After narrowly missing my stop loss, the price has reversed and the trade is going swimmingly.”
