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Analysts who continue to gain followers with timely altcoin calls are predicting a correction across the cryptocurrency market, with a focus on Polygon (MATIC) and Cosmos (ATOM).
Pseudonym Analyst Cheds To tell His 276,700 Twitter followers say the crypto market is flashing multiple bearish signals after witnessing a relatively strong week.
Today the cryptocurrency market put out a lot of outer bars, high wave candles, dark cloud cover, etc. Looking for a short setup in case we pause and follow it. Instead, you’ll be sleeping with your hands on the steering wheel.”
The outer bars, high wave candlesticks, and dark cloud cover are all candlestick patterns that indicate market participants are indecisive or the momentum may change after the rally.
One altcoin that traders have been eyeing is Polygon, a blockchain scaling solution. According to Cheds, MATIC is currently struggling to break out of the immediate resistance around $1.00, suggesting altcoins may be bracing for a correction move.
Another clean short setup for MATIC should stall BTC. Mark $0.9297. Note lower supply and push up at potential M [formation]
Looking at the analyst’s chart, Cheds appears to be targeting $0.74 on the MATIC, suggesting close to 25% downside risk at Polygon’s current price of $0.98.
Another altcoin on the trader’s list is Cosmos. Cosmos is a blockchain ecosystem designed to scale and communicate with each other. According to Cheds, ATOM is a potential target. bear The current price is around $10.78.
“ATOM’s possible short candidate here is $10.778.”
As for Bitcoin, Cheds sees the potential for continued bullish momentum until BTC hits a resistance around $26,000.
BTC is eyeing May 12th lows as it pushes up recent highs.
At the time of writing, BTC is trading at $23,724.
Featured Image: Shutterstock/Sergey Niven
