A widely followed crypto analyst is warning of a red-hot altcoin, saying it could slowly go down.
Pseudonymous crypto trader Bluntz tells According to its 305,200 followers on social media platform
According to Bluntz, who applies Elliott Wave theory in his technical analysis, HYPE appears to have completed a five-wave rally and now appears to be entering an ABC correction wave that may last until early next year.
The Elliott Wave Theory states that a bullish asset tends to witness an ABC correction after completing a five-wave upward move.
“HYPE had a good run but spiked in mindshare and was bright as the day five wave here from the start. I think we’re seeing a long, slow pullback to at least $20 in my opinion.
HYPE is trading at $26.98 at the time of writing, up more than 600% from the low of $3.81 on November 29.
However, fellow pseudonymous crypto trader Altcoin Sherpa tells its 236,200 followers on the social media platform
“HYPE now back to $25. This is the range we are playing at. However, HYPE will eventually run wild when volumes start to ramp up and a full-blown bull comes along. But let’s see. Choppy in the short term, I’m just going to look to buy more.
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Generated image: Midjourney