- The retracement to $0.000198 was followed by strong gains
- The retest of the local highs is likely to result in HOPPY climbing much higher
Hoppy [HOPPY] has been up 48.13% since its low on Monday, the 28th of October. It maintained the strong uptrend it has been on since breaking the $0.000183 level in mid-October.
The meme coin saw rejection at the $0.000313 level. It saw a retracement to $0.000198, forming the aforementioned low. Hoppy crypto is just 7.1% beneath its all-time high at $0.0003159 that was set earlier on Friday, the 31st of October.
At press time, HOPPY only had a $123.4 million market cap and a 24-hour trading volume of $6.99 million. The meme coin sector has performed well in recent weeks, but investors and traders need to wait for a strong Bitcoin [BTC] run before altcoins can begin to multiply in value.
Hoppy crypto set for another impulse move higher
Source: HOPPY/USDT on TradingView
In a strongly trending market and with an asset in price discovery, Fibonacci levels can be invaluable in setting targets for traders. HOPPY saw a retracement to the 61.8% level after breaking the local resistance level at $0.000183.
This pullback allowed the RSI to reset and move toward neutral 50. In the past few days, the RSI climbed above 60 to signal strong bullish momentum behind the meme coin.
The OBV has slowly trended higher to reflect steady buying pressure behind Hoppy crypto. Continued demand will likely drive the prices further higher.
Is your portfolio green? Check the Hoppy Profit Calculator
The Fibonacci extension targets showed that $0.000357, $0.000429, and $0.0005 are the next bullish targets for HOPPY. Given the small market cap of the meme coin, it is possible that the price could go much higher.
This would depend on the token’s popularity, social media engagement, and hype. With so many meme coins vying for attention, HOPPY is not guaranteed to go parabolic, and investors must allocate capital according to their risk appetite.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
