As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market trends and patterns. The Hoppy token’s recent surge has caught my attention, not just because of its impressive 18,000% increase since June, but also due to the formation of a classic cup and handle pattern.
On Friday, October 18th, the price of Hoppy token surged to an unprecedented peak of $0.0002890, marking another significant milestone in its ongoing upward trend.
The meme coin HOPPY, which operates on the Ethereum network, has experienced a tremendous surge, increasing more than 18,000% from its lowest point in June. This impressive rally has catapulted it among the top-performing cryptocurrencies, with its market value skyrocketing to over $109 million.
As an analyst, I’m observing a significant growth in the popularity of Hoppy, primarily driven by an increasing number of its holders. According to CoinCarp data, we now have approximately 3,600 users, with the top ten holding a combined 42% of the total supply. Furthermore, this week saw a daily trading volume peak at a record-breaking $14.7 million.
It’s possible that more people might own the token if it gets listed on prominent exchanges such as Binance, Coinbase, and OKX. Furthermore, information from CoinGecko indicates that a significant portion of its trades are taking place on Uniswap, which is a well-known leader in the decentralized exchange market. To date, Hoppy has been listed on MEXC, Bitmart, and BingX, which are some of the top centralized exchanges.
Hoppy’s surge in value aligns with the rise of other meme tokens based on Solana and Ethereum networks. CoinMarketCap data reveals that digital currencies such as Cat in a Dog World, Book of Meme, Mog Coin, Brett, and Dogecoin have been among the top performers over the past week. The combined market cap of meme coins now stands at a staggering $61 billion.
Hoppy token formed a cup and handle pattern
On July 24, Hoppy breached a crucial resistance level at $0.0002080, marking its highest point yet. This level was important because it denoted the top limit of the ‘cup and handle’ pattern, often signifying a potential bullish trend continuation.
It appears that Hoppy’s price has climbed higher than its 50-day moving average, implying that the buyers currently hold the upper hand. Yet, technical indicators such as the Relative Strength Index and Stochastic Oscillator suggest that the market might be overextended or overbought.
Consequently, the token might retreat to reassess the support at 0.0002080 again before continuing its upward momentum.
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2024-10-18 16:24