The cryptocurrency market is trying to find direction amid uncertainty. The leading crypto Bitcoin fluctuates between $ 90,000 and $ 100,000. The altcoin market is in consolidation mode with exceptions. An analyst with a large following warns about a red-hot utility altcoin. The analyst says this token will see a slow bleeding to the downside.
Bluntz predicts that HYPE will see a significant correction!
As you follow from Kriptokoin.com, the market has taken a stable outlook for now as we prepare for the new year. However, some tokens have recently managed to attract attention with their movements. One of them was undoubtedly HYPE, the native token of the decentralised perpetual trading platform and layer-1 Blockchain Hyperliquid. However, according to some analysts, danger bells are ringing for this token. The analyst, nicknamed Bluntz, predicts that HYPE will see a significant correction.
Bluntz applies the Elliott Wave theory in his technical analysis. Accordingly, HYPE has completed a five-wave rally. Therefore, it is now entering an ABC correction wave that will 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 movement. In this context, the analyst said, ‘HYPE has had a good rise. But here the five-wave rise from the beginning is as clear and clear as day. I think it will decline to a minimum of $ 20 with a long and slow decline.’

Altcoin Sherpa: I will look to buy more!
However, the analyst, nicknamed Altcoin Sherpa, says that HYPE will probably cut around a range with a lower limit of $ 25 and an upper limit of $ 30 before breaking. In this direction, the analyst said, ‘HYPE is now down to $ 25. This is the range we play. HYPE will eventually go wild when volumes start to increase and the full-blown bull emerges. But let’s take a look. It’s volatile in the short term, I’ll just look to buy more.’

Meanwhile, HYPE saw an increase of more than 600% from its low of $ 3.81 on 29 November. At the time of writing, the token was trading at $ 28.93, up 7.5 per cent on a daily basis. However, it lost over 12 per cent on its weekly chart.
The opinions and forecasts in the article are those of analysts and are not investment advice. As Kriptokoin.com, we strongly recommend that you do your own research before investing.
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