Up 96% in Just One Week, But Hoppy Could Drop

  • Hoppy price action shows bullish sentiment after setting an all-time high.

  • Volatility is expected when demand fails to keep up with rapid price increases.

Hoppy [HOPPY], a meme coin with a market cap of $112 million, has surged 96% since last week. The attention on Meme Coins this cycle is partly due to the large amount of unlocking that most altcoins have seen over time.

With Meme Coin, there is no unlocking and no worries about the roadmap or technology behind the Token and the problem it solves. The founder’s qualifications don’t matter either – the only thing that matters is whether the community is growing and sustaining. How much growth potential does HOPPY have?

Fibonacci extension levels highlight tension

HOPPY 1-day Chart

Source: HOPPY/USDT on TradingView

HOPPY cryptocurrency is a small cap meme coin. It has been trading since May, seeing a massive 36x growth from late May to July. This surge lasted nearly 40 days, setting highs as shown on the chart.

Since then, there has been a sharp decline, bringing the asset down to a market capitalization of $17 million. Since the second half of August, the price has nearly increased sevenfold. Over the past month, the Meme Coin has increased by nearly 350%.

On the daily chart, the RSI formed a bearish divergence with the price. This occurred when the HOPPY cryptocurrency reached the resistance level of $0.000281, which is the 61.8% Fibonacci extension level.

HOPPY was rejected at resistance in recent hours. The breakout probability is reduced as both RSI and OBV bearish divergence failed to penetrate local resistances.

This shows a lack of buying volume behind the coin. The volume bars agree with this finding – they are not significantly above average despite HOPPY having made significant gains recently.

Therefore, holders from lower levels can wait for a deeper correction to buy more coins. Patience will be the key factor – although the market structure and trend are bullish, the next move may take time to develop.

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