Dogecoin will trigger a 58% breakout if it removes crucial resistance, according to crypto trader Scott Melker

Crypto analyst and trader Scott Melker shares his Dogecoin (DOGE) analysis and teases the possibility of a significant DOGE outbreak.

Melker tells his nearly 500,000 Twitter followers that if DOGE can break its immediate resistance at $ 0.26, the asset could rise 58% toward $ 0.38. However, the trader says that if the bulls want to take a move they must do so soon.

“Potential bull pennant from the lows. Target ~ 0.38 if it breaks the descending blue resistance

Great if. Pennants often break the support and form flags. In addition, something has to be moved soon, otherwise the flag will be a little too long. “

Source: Scott Melker / Twitter

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

Melker also looks at Cardano’s chart (ADA) and notes that the Ethereum competitor is showing signs of life and could continue to climb towards key resistance areas at $ 1.60 and $ 1.85.

“It took a while to show strength after the breakout but it will likely keep the pressure going. Key levels marked. “

Source: Scott Melker / Twitter

As for the top smart contract platform itself, Melker believes ETH could climb back to $ 3,000 if Ethereum can convert the $ 2,290 level from resistance to support.

“ETH / USD. The $ 2,042 retest I discussed a few days ago was successful. Clean breaking and retesting the descending blue resistance in the same place. Turn the EQ (midpoint) of the range and $ 3,000 back into the game. For the time being, the dashed line is the whole ball game. “

Source: Scott Melker

Ethereum is currently hovering a few dollars below Melker’s key level at $ 2,283, according to CoinMarketCap.

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Featured image: Shutterstock / Bruce Rolff

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