HEX final leg before deeper correction
Still bullish sentiment on HEX/USDC as we have been consolidating for nearly a month now. My Elliot Wave Analysis is still the same but now with a higher target for this wave 5, it looks like we are winding up for an extended wave 5 here which will move very fast. We have satisfied the rules for a ABC or "Flat" correction with the C wave as an ending diagonal for wave 4.
I am expecting the bullish trend to continue and my target is around $1.60.
The reason why HEX can get this and even much more expensive is because there is only roughly 80 to 90 million HEX left to buy on the market. Once this HEX starts to go away the ratio of HEX available to USDC in the liquidity pools will continue get lower and price will keep getting higher and higher because of it. This coin was engineered to do insane gains like Bitcoin, why? Because the available HEX anyone can buy from the liquidity pools is scarce. Eventually supply will be replenished from Stakers who dump inflation on the market which is EXACTLY how Bitcoin functions with supply and demand. Do not be surprised one day to wake up with $500 HEX years down the road. Thinking about HEX in terms of Market Cap is backwards thinking. Market Cap doesn't have anything to do with available supply. If supply is smaller than demand, supply has to be split up in order to satisfy the demand, thats inflation 101 and its as simple as that.
I am expecting the bullish trend to continue and my target is around $1.60.
The reason why HEX can get this and even much more expensive is because there is only roughly 80 to 90 million HEX left to buy on the market. Once this HEX starts to go away the ratio of HEX available to USDC in the liquidity pools will continue get lower and price will keep getting higher and higher because of it. This coin was engineered to do insane gains like Bitcoin, why? Because the available HEX anyone can buy from the liquidity pools is scarce. Eventually supply will be replenished from Stakers who dump inflation on the market which is EXACTLY how Bitcoin functions with supply and demand. Do not be surprised one day to wake up with $500 HEX years down the road. Thinking about HEX in terms of Market Cap is backwards thinking. Market Cap doesn't have anything to do with available supply. If supply is smaller than demand, supply has to be split up in order to satisfy the demand, thats inflation 101 and its as simple as that.
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The "bigger correction" that I've been talking about is in process now. I will be updating this idea for more clarity.