A extensively adopted dealer believes {that a} layer-1 decentralized trade (DEX) altcoin is gearing up for rallies to new all-time highs.
Pseudonymous analyst Altcoin Sherpa tells his 248,500 followers on the social media platform X that he thinks Hyperliquid (HYPE) appears very sturdy regardless of the latest marketwide correction.
The dealer sees HYPE consolidating near the highs for now earlier than igniting a contemporary leg up en path to a brand new document excessive.
“HYPE has insane power proper now, this one obtained purchased up shortly. wouldn’t be shocked to see a bit extra chop round right here however $50+ is destined, even in these loopy occasions.”
At time of writing, HYPE is value $40.44.
Whereas Altcoin Sherpa is bullish on HYPE, he says he’s bearish on two Solana (SOL)-based memecoins. The dealer notes that dogwifhat (WIF) and Popcat (POPCAT) are each within the midst of a downtrend and should drop to a lot decrease ranges if BTC fails to print new all-time highs.
“Second of fact for a lot of of those [coins] quickly; that might have simply been a decrease excessive fashioned. It’s all going to be depending on BTC. If we see it blast via the highs, we’re going up once more. If not, alts most likely go [down] one other 30-50%. Can see some examples with WIF, POPCAT.”
Based mostly on the dealer’s chart, he appears to foretell that POPCAT may fall to as little as $0.22. At time of writing, POPCAT is value $0.31.
Trying on the dealer’s chart, he appears to recommend that WIF may plunge to $0.60. At time of writing, WIF is buying and selling for $0.839.
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