Trader Scott Melker spoke about tokens that have already come out of the downward movement and may begin to recover in price in the near future
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Trader Scott Melker named the tokens that, in his opinion, have emerged from the downtrend and are now set for rapid growth. According to the analyst, in the short term, Polygon, Serum, Kava and Tezos can bring good returns.
Polygon
The Polygon token has already overcome the resistance that has kept the coin in a downtrend, Melker argues . In his opinion, the cryptocurrency is now in the accumulation zone and is preparing to overcome the next resistance level around $ 1.79 (41% growth from current levels). After overcoming this level, the token will continue to move up, the trader believes.
On October 6, Polygon is trading at $ 1.27. Over the past month, the token has fallen in price by 24%, and its capitalization has dropped to $ 8.5 billion, according to CoinGecko.
Polygon is an Ethereum-compatible second level sidechain powered by PoS (Proof-of-Stake) algorithm. This network is faster and with lower fees than the main Ethereum network.
Serum
The Serum token was also able to overcome the downtrend and is preparing for a recovery, the analyst is sure . According to him, now the cryptocurrency is aimed at the nearest resistance level, which is in the region of $ 13 (an increase of 60% from the current levels).
On October 6, Serum is priced at $ 8.1. Over the past four weeks, altcoin has fallen in price by 6%, and its capitalization has dropped to $ 1 billion.
Serum is a decentralized cryptocurrency derivatives exchange. SRM is the internal token of the trading platform.
Kava
The Kava token came out of the downward movement and will start a confident upward movement in the near future, Melker said . In his opinion, the immediate resistance for the altcoin is at $ 9.2 (up 46% from current levels).
On October 6, Kava traded at $ 6.3. Over the month, the price of the token has decreased by 20%. Altcoin capitalization fell to $ 582 million.
Kava is a DeFI protocol that acts as a decentralized bank of digital assets, giving users access to savings accounts, loans and other services.
Tezos
The Tezos token is one step away from rapid growth and renewal of historical highs, the trader predicted . According to Melker, in order to move to a powerful growth of the cryptocurrency, it is necessary to overcome important resistance in the $ 8.4 area.
On October 6, Tezos is priced at $ 7.5. Over the past month, the cost of the token has grown by 35%, and the capitalization has increased to $ 6.4 billion.
Tezos is a decentralized blockchain platform with smart contract support and the ability to create tokens and decentralized applications (dApps).