Crypto analyst and trader Scott Melker is sharing his Dogecoin (DOGE) analysis, teasing the possibility of a significant DOGE breakout.
Melker tells his nearly 500,000 Twitter followers that if DOGE can surpass its immediate resistance at $0.26, the asset could surge 58% toward $0.38. However, the trader says that if bulls want to make a move, they have to do it soon.
“Potential bull pennant off the lows. Target ~0.38 if it breaks descending blue resistance.
Big if. Pennants often break support and form flags. Also, needs to make a move soon or the flag becomes a bit too long.”
At time of writing, DOGE is trading at $0.24, according to CoinMarketCap.
Melker is also looking at Cardano’s chart (ADA), noting that the Ethereum competitor is showing signs of life and may continue to climb toward key areas of resistance at $1.60 and $1.85.
“Took a little while to start showing strength after the breakout, but looks likely to keep pushing. Key levels marked.”
As for the top smart contract platform itself, Melker believes that if Ethereum can flip the $2,290 level from resistance into support, ETH could surge back up to $3,000.
“ETH/USD. Retest of $2,042 that I discussed a few days ago was successful. Clean break and retest of descending blue resistance in the same spot. Flip the EQ (middle point) of the range and $3,000 back in play. Dashed line is the whole ball game for now.”
Ethereum is currently hovering a few dollars below Melker’s key level at $2,283, according to CoinMarketCap.