Warning on HYPE: A Potential Correction

A widely followed crypto analyst has issued a warning about HYPE, the native altcoin of the Hyperliquid platform, suggesting it may undergo a significant correction.

Pseudonymous trader Bluntz, with over 305,200 followers on social media platform X, has indicated that HYPE is likely entering an ABC corrective wave after completing a five-wave rally according to the Elliott Wave theory. This theory states that after a bullish asset achieves a five-wave move, it tends to face a corrective phase.

“HYPE had a good run but peaked; now it may see a long slow bleed back down to a minimum of $20 in my opinion.”

As of now, HYPE is trading at $26.98, representing a more than 600% increase since its low of $3.81 on November 29.

In contrast, fellow trader Altcoin Sherpa forecasts that HYPE will trade within a $25 to $30 range before a breakout.

“HYPE back down to $25 now. This is the range we’re playing. It will eventually be wild when volumes ramp up and a bull market begins. For now, it’s choppy; I’m looking to buy more.”

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