A widely followed crypto analyst is warning against a red-hot utility altcoin, saying it could face a slow downtrend.
Pseudonymous crypto trader Bluntz shares with his 305,200 followers on the social media platform
According to Bluntz, who uses Elliott Wave theory in his technical analysis, HYPE appears to have completed a five-wave rally and now looks like it is entering an ABC corrective wave that could last until early next year .
Elliott Wave Theory states that a bullish asset tends to experience an ABC correction after completing a five-wave upward move.
“HYPE had a good run but peaked in mindshare and clarity as the wave rose from the start on day five. I think there will be a long, slow decline to at least $20 in my opinion.”
At the time of writing, HYPE is trading at $26.98, up more than 600% from its low of $3.81 on November 29th.
However, pseudonymous crypto trader Altcoin Sherpa tells his 236,200 followers on social media platform X that HYPE is likely to perform…
