A widely followed cryptocurrency analyst is sounding a warning about one of the popular utility altcoins, saying it could see a slow decline.
Bluntz, a pseudonymous cryptocurrency trader, told his 305,200 followers on social media platform
According to Bluntz, who applies Elliott Wave theory to technical analysis, HYPE appears to have completed its five-wave rally and is now entering an ABC correction wave that will last until early next year.
According to Elliott Wave theory, bullish assets tend to witness ABC corrections after completing a five-wave upward movement.
“HYPE has performed well, but here awareness is at its peak and clear from the start as the wave rises on Day 5. I think it took a long time to get down to at least $20.”
HYPE is trading at $26.98 at the time of this writing, up more than 600% from its low of $3.81 on November 29th.
However, anonymous fellow cryptocurrency trader Altcoin Sherpa told his 236,200 followers on social media platform
“The hype is now down to $25. This is the range we play in. Eventually, the hype will intensify as volume begins to increase and a full-fledged bull run emerges. But let’s see. “It’s choppy in the short term, so I’m looking to buy more.”
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