Trader Scott Melker outlined tokens that are ready to overcome key resistance levels and subsequent growth.
Trader Scott Melker named seven cryptocurrency that could rise in price. According to Melker, these tokens may soon overcome key resistance levels.
Ethereum (ETH)
The key resistance level for Ethereum is at $ 3.33K, says Melker. According to the trader, when this mark is crossed, the next target for the altcoin is $ 4.3 thousand.
Over the past month, Ethereum has risen in price by 33%. The capitalization of the digital coin exceeded $ 379.4 billion. On August 31, the altcoin is traded at $ 3.2 thousand.
On August 5, the London update was released on the Ethereum network , which completely changed the mechanism for calculating transaction fees. Some of the commissions that miners previously received as a reward are now burned.
Since the activation of the update, more than 145.8 thousand Ethereum worth $ 472.3 million have been burned in the altcoin network, according to the ultrasound.money service, which tracks the destruction of coins in the altcoin network. The average burn rate per minute is 3.93 Ethereum.
Cardano (ADA)
There is “no limit” to Cardano growth after the cryptocurrency broke the $ 2.47 resistance level, Melker said. He also noted that after breaking this mark, the altcoin re-tested it, but this time as a support level.
In August, Cardano has risen in price by 130%. The asset took the third place in the list of the largest cryptocurrency in terms of capitalization with a market value of $ 88.3 billion. On August 31, the token is traded at $ 2.7.
Tim Harrison, Marketing and Communications Director of IOHK (the issuer of Cardano), announced the release of the Alonzo hard fork on September 12th.
After that, the altcoin network will receive support for smart contracts and the ability to create decentralized applications (DeFi).
Cardano is a blockchain that focuses on the launch of smart contracts, decentralized applications and sidechains.
Binance Coin (BNB)
Key resistance levels for Binance Coin are at $ 570 and $ 615, the trader said. In his opinion, when these levels are overcome, the cryptocurrency exchange token Binance will aim at updating the all-time high.
In August, the cryptocurrency grew by 60%, and its capitalization increased to $ 70.9 billion. On August 31, Binance Coin is trading at $ 459.
Binance Coin is a Binance crypto exchange token that is used to pay trading fees, as well as exchange offerings (IEOs) on the Binance Launchpad.
XRP
Ripple token is now preparing for rapid growth, Melker said. He claims that in the near future XRP will be able to rise in price to $ 1.5-1.7 if the token holds above $ 1.1.
Over the month, the altcoin grew by 91%, and its capitalization increased to $ 51.8 billion. On August 31, the token is traded at $ 1.12.
XRP is Ripple’s token used in the global money transfer system.
Ripple is currently being litigated in the US. In late 2020, the Securities and Exchange Commission (SEC) accused the company of selling $ 1.3 billion in unregistered securities under the guise of XRP tokens.
Polkadot (DOT)
Strong resistance for Polkadot is in the $ 28-31 range, according to Melker. When this range is crossed, the altcoin will approach its all-time high at $ 49, the trader predicted.
Over the past month, the Polkadot token has risen in price by 70%. Altcoin capitalization exceeded $ 27.6 billion. On August 31, the cryptocurrency is traded at $ 27.
Polkadot is an internal token of the project of the same name, which aims to create the decentralized Internet of the future (Web 3.0).
It is interoperable with other blockchains and allows the creation of smart contracts and new blockchains.
Uniswap (UNI)
The decentralized cryptocurrency exchange token Uniswap is preparing to consolidate above the resistance level at $ 27, Melker said.
In his opinion, after fixing above this level, the altcoin realizes the potential for a rise in price to $ 30, and then to $ 44.
In August, the token has risen in price by 47%. Uniswap capitalization increased to $ 14.1 billion.
Uniswap is a token of a decentralized cryptocurrency exchange.
It allows users to exchange ERC20 tokens without having to use the traditional exchange order book model.
Terra (LUNA)
There is a bull flag pattern on the Terra token chart, Melker emphasized. According to him, this may indicate the growth of the digital coin in the near future to the level of $ 50.
The “bullish flag” pattern in trading indicates a pause in the development of the trend, after which a rapid rise in the asset is observed.
In August, the cryptocurrency has risen in price by 230%. Terra capitalization exceeded $ 13.6 billion. On August 31, the token is traded at $ 33.9.
Terra is a blockchain protocol that creates fiat-pegged stablecoins.
LUNA token holders can propose and vote on proposals for improving the blockchain.
