A well-known crypto analyst has issued a warning regarding a hot utility altcoin. He says it could be headed for a slow bleeding to the downside.
Bluntz, a pseudonymous crypto trader tells His 305,200 social media followers on platform X that HYPE, the native alternative altcoin of the decentralized perpetual trading platform Hyperliquid and layer-1 blockchain, could be due for an important correction.
According to Bluntz who uses the Elliott Wave Theory in his technical analysis of HYPE, it appears that HYPE has completed a five wave rally and looks like it is now entering an ABC corrective cycle which may last until early next year.
According to the Elliott Wave Theory, a bullish asset will tend to experience an ABC correction following a five-wave upward move.
“HYPE was a good run. But peak mindshare, and clear as the fifth wave rise since inception. I think that it will slowly bleed down to $20 minimum in my opinion.
HYPE was trading at $26.98 as of the time of this writing, up over 600% from its low price on November 29th.
Altcoin Sherpa is a pseudonymous crypto trader. tells His 236,200 followers on social media platform X will likely chop around a range, with a lower bound of $25 and a upper bound of $30, before breaking out.
“HYPE down to $25 now. This is the range in which we are trading. The HYPE though will eventually be wild when volumes start ramping up and full blown bull comes along. But let’s take a look. “I’m going to look for more to buy.”
Don’t Miss a Beat – Subscribe Get email alerts sent directly to your Inbox
Check out the latest news and updates on our website. Price Action
Follow us on X, Facebook The following are some examples of how to get started: Telegram
Surfen The Daily Hodl Mix
v2snippetminusbitcoin]
Generated Image: Midjourney
