What does analyst Scott Melker say about the price development of DOGE and ICP?

While DOGE is just a meme coin right now, it’s also one of the top contenders for the next big altcoin. The hype train has drawn a lot of people and also angered some big names. But the only thing that matters is how long this journey is and where does it end?

Is DOGE really a good coin?

For the past few months, the DOGE movement has kept everyone on high alert. While the coin was worth next to nothing in early 2021, it’s currently worth $ 0.24. In a word, DOGE grew 5,249.31%. At the time of reaching ATH in May, the price was up 14,540%. These figures show the extent to which DOGE has influenced investors or at least what the “father of DOGE” Elon Musk did. In discussing this coin meme, Scott Melker commented:

“I don’t talk much about DOGE because I used to be a DOGE dealer when the price was under $ 0.01 and made a lot of money most of the time. At the moment I’m not a big fan of coins that have no intrinsic value and are going up because of Elon Musk. “

Melker also said in a Video current analysis that DOGE is (currently) on the rise. DOGE crossed the active downtrend line and retested it as support. It is surprising that the volume remains remarkably low despite this price action. According to Melker, sellers can be exhausted and instead purchases need to be stronger to push the coin up.

With this breakout and retest, DOGE will hit up to $ 0.7 based on the Fibonacci tool, according to Melker. But he also said the coin could die due to unforeseen volatility and a decline.

DOGE bullish on 4-hour chart | source: Scott Melker

What about ICPs?

Another altcoin that has attracted attention is ICP, Internet Computer’s native token. This altcoin has been on the rise lately. ICP broke not 1 but 3 levels of resistance in less than 5 days. This price campaign is supported by a very high purchase volume. Currently, the ICP is worth $ 44.84, but Melker has said that if this bull run continues, it could climb to $ 70 as well.

ICP is on the rise | source: Scott Melker

Minh Anh

According to AMBCrypto

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