A well-known crypto analyst is sounding the alarm on a popular utility altcoin, suggesting that it may be heading for a significant downturn. Bluntz, a pseudonymous trader who utilizes the Elliott Wave theory in his technical analysis, believes that HYPE, the native altcoin of decentralized perpetual trading platform Hyperliquid, could be in for a rough patch.
Bluntz, who has a substantial following on social media platform X, points out that HYPE has recently completed a five-wave rally and is now showing signs of entering an ABC corrective wave. According to the Elliott Wave theory, assets often experience an ABC correction following a five-wave upward movement.
“HYPE had a strong performance, but it seems to have peaked and completed a clear five-wave rise since its inception. I anticipate a gradual decline back to at least $20,” Bluntz stated.
As of the latest update, HYPE is trading at $26.98, a remarkable increase from its low of $3.81 on November 29th. However, another pseudonymous trader, Altcoin Sherpa, predicts that HYPE will trade within a range of $25 to $30 before making a breakout move.
“HYPE is currently retracing back to $25 within the range we are observing. Although it may be volatile in the short term, I expect it to become more dynamic as trading volumes increase during a bullish market. I plan to accumulate more tokens,” Altcoin Sherpa commented.
Both analysts provide valuable insights into the potential future price movements of HYPE, offering contrasting perspectives on its short-term trajectory. Investors and traders following these influencers closely for market insights and predictions should exercise caution and conduct their research before making any investment decisions.
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[Note: This article was generated with the assistance of AI technology and is for informational purposes only. It is recommended to conduct thorough research and seek professional advice before making any investment decisions.]