A closely followed crypto strategist is issuing a warning to investors saying that a handful of altcoins appear poised for a corrective move after rallying over the last two weeks.
Pseudonymous analyst Cheds tells his 275,200 Twitter followers that he’s keeping an eye on memecoin Shiba Inu (SHIB), peer-to-peer payments protocol Litecoin (LTC), blockchain-based gaming ecosystem The Sandbox (SAND), decentralized exchange Uniswap (UNI) and blockchain scaling soluton Polygon (MATIC).
According to Cheds, crypto bears should closely watch these five altcoins for potential retracements.
Cheds also highlights that the market structure of many altcoins looks similar to the current price action of Litecoin, which he notes is flashing signs of bullish exhaustion after rallying over 20% since July 13th.
“LTC four-hour [chart] head and shoulders top forming. Much of the market has this kind of look with variations, three to four thrusts with different peaks.”
Traders see the head and shoulders...
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