- Hoppy price action showed bullish conviction after setting ATH.
- Volatility is expected after demand fails to keep pace with the rapid gains.
As a seasoned researcher with years of experience under my belt, I have seen my fair share of market trends and cycles. The surge in Hoppy (HOPPY) has certainly caught my attention, but I must admit that my optimism is tempered by my understanding of market dynamics.
Hoppy, a meme coin worth approximately $112 million, experienced an impressive surge of 96% in the past week. This surge can be attributed, in part, to the significant unlocks that many altcoins encounter during cycles.
In simpler terms, when it comes to meme coins, there’s no need for unlocks or concern about the technical roadmap or the problems the token addresses. The founders’ credentials aren’t crucial; what truly matters is if the community is expanding and holding onto the coin. How likely is it for a significant surge in popularity (HOPPY growth)? It’s challenging to predict, but as long as the community remains engaged and supportive, there’s always potential for growth.
Fibonacci extension levels highlight tension
As an analyst, I’ve observed that HOPPY crypto, a relatively small-scale meme coin, has been in circulation since May. Remarkably, it experienced a staggering 36-fold increase from late May to July, reaching its peak within approximately 40 days. This remarkable growth is clearly visible on the chart provided above.
Starting from that point, a significant drop in value occurred, lowering the market capitalization of the asset to approximately $17 million. However, since mid-August, its price has risen nearly sevenfold. Over the past month alone, this meme coin has experienced an increase of almost 350%.
On the one-day timeframe, the Relative Strength Index (RSI) displayed a bearish divergence from the price trend. This occurred as HOPPY cryptocurrency approached its $0.000281 resistance level, which corresponds to the 61.8% extension of the Fibonacci sequence.
In the past few hours, it encountered pushback from the opposition. The likelihood of a breakthrough has decreased, partly due to the bearish divergence shown by the RSI and the failure of the On-Balance Volume (OBV) to surpass local resistance levels.
The coin’s purchase activity appears to be relatively low, as the volume bars don’t show a significant increase above normal levels, despite HOPPY experiencing substantial price increases in recent times.
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Therefore, those with lower holdings might consider waiting for a significant price drop to purchase additional coins. It’s essential to exercise patience – although the overall market structure and trend are positive, the upcoming development in price could take some time.
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2024-10-19 06:15