Popular analyst Scott Melker shares his analysis of Dogecoin (DOGE), believing the altcoin is preparing for a big boom.

Melker told his nearly 500,000 Twitter followers that the asset could soar 58% to $ 0.38 if DOGE can break the next resistance at $ 0.26. However, the analyst says that if the cops are going to take the move, they must do it soon.

“Potential bullish flag pattern of lows. Aim for ~ $ 0.38 if it can break out of the top of the flag ($ 0.26).

However, it has to move soon (before 2/3 the length of the flag), otherwise the price will break out and invalidate the pattern. “

Source: Scott Melker / Twitter

At the time of writing, DOGE is trading at $ 0.24, according to CoinMarketCap.

Melker also looks at Cardano’s (ADA) chart and notes that competitor Ethereum is showing signs of life and could climb further into key resistance areas at USD 1.60 and USD 85, respectively.

“It took some time to build up strength after the eruption, followed by an upward eruption. The main levels are marked. “

Source: Scott Melker / Twitter

As for the leading smart contract platform, Melker believes that if Ethereum can convert $ 2,290 into support, it can come back to $ 3,000.

“ETH / USD broke above the descending resistance line and the horizontal resistance at $ 2,042. The award was successful to acknowledge them as support. The next resistance is at $ 2,290 (mid-range). A reversal of this level in support could trigger a quick move towards $ 3,000. “

Source: Scott Melker

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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