Which cryptocurrency may soon rise in price. Analyst names seven tokens

Trader Scott Melker identifies tokens that are poised to overcome key resistance levels and then rise

Trader Scott Melker named seven cryptocurrencies that could rise in price. According to Melker, these tokens could overcome key resistance levels in the near future.
Which cryptocurrency may soon rise in price

Ethereum (ETH)

The key resistance level for Ethereum is at $3,33k, Melker claims. According to the trader, if this mark is overcome, the next target for the altcoin is $4.3k.

Over the last month, Ethereum rose in price by 33%. The capitalization of the digital coin exceeded $379.4 billion. On August 31, the altcoin is trading at $3.2k.

On August 5, the Ethereum network released an updаte to London, which completely changed the mechanism for charging transaction fees. Some of the commissions that miners used to receive as rewards are now burned off.

Since the updаte was activated, more than 145,800 Ethereums worth $472.3 million have been burned on the altcoin network, according to ultrasound.money, a service that tracks coin destruction on the altcoin network. The average burn rate per minute is 3.93 Ethereums.

Cardano (ADA)

There is “no limit” to Cardano’s growth after the cryptocurrency broke through the $2.47 resistance level, Melker said. He also noted that after breaking that mark, the altcoin retested it, but already as a support level.

Cardano gained 130% in August. The asset ranked third on the list of the largest cryptocurrencies by capitalization with a market valuation of $88.3 billion. On August 31, the token is trading at $2.7.

In the last month, interest in Cardano cryptocurrency in Russia has peaked since mid-May. Users from the Kaliningrad region search most frequently for information about Cardano in the Google search engine. In second place by this indicator the city of Moscow, in third place – Nizhny Novgorod region. Also popular queries “cardano forecast” and “cardano rate”.

Tim Harrison, director of marketing and communications at IOHK (Cardano issuer), announced the release of the Alonzo hardfork on September 12. 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, according to the trader. In his opinion, if these levels are surpassed, the Binance cryptocurrency token will aim to renew its all-time high.

In August, the cryptocurrency rose 60% and its capitalization rose to $70.9 billion. Binance Coin is trading at $459 on August 31.

Binance Coin is a token of the cryptocurrency exchange Binance, which is used to pay trading commissions as well as in exchange offerings (IEOs) on the Binance Launchpad platform.

Ripple (XRP)

Ripple’s token is now poised for rapid growth, Melker believes. He says XRP could rise to $1.5 to $1.7 in the near term if the token holds above $1.1. The altcoin is up 91% in a month and its capitalization has risen to $51.8 billion. On Aug. 31, the token is trading at $1.12.

XRP is a Ripple token that is used in a global money transfer system.

Ripple is currently undergoing litigation in the U.S. 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. If that range is surpassed, the altcoin will approach its all-time high of $49, the trader predicted.

Polkadot token has risen 70% in the past month. The altcoin’s capitalization exceeded $27.6 billion. The cryptocurrency trades at $27 on August 31.

Polkadot is an internal token of a project with a similar name, which aims to create a 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 Uniswap decentralized crypto exchange token is poised to consolidate above the $27 resistance level, Melker noted. In his view, once the altcoin is anchored above that level, it will realize the potential for a rise to $30 and then to $44.

The token gained 47% in August. Uniswap’s capitalization rose to $14.1 billion.

Uniswap is the 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)

The Terra token’s chart shows a bull-flag pattern, Melker stressed. According to him, this could indicate that the digital coin will rise to the $50 level in the near future.

The “bull flag” figure in trading indicates a pause in the development of the trend, after which there is a rapid growth of the asset.

The cryptocurrency gained 230% in August. Terra’s capitalization exceeded $13.6 billion. On August 31, the token is trading at $33.9.

Terra is a blockchain protocol used to create steblecoins tied to fiat currencies. LUNA token holders can propose and vote on blockchain improvements.

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The post was written by Crypto Expert John Belford

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