HOPPY Meme Coin Rallies 350% in a Month, But Can It Continue?

Hoppy [HOPPY] the $112 million market cap meme coin was up 96% since last week. The focus on meme coins this cycle is partly due to the vast amount of unlocks that most altcoins

Hoppy [HOPPY] crypto, a low cap meme coin, saw a 36x surge from late May to July. This rapid ascent was followed by a steep decline and a subsequent 7x price increase.

Now, at a market cap of $112 million, HOPPY's focus on meme coins is driven by the high levels of unlocks seen by most altcoins over time.

However, with meme coins, there are no unlocks and no concerns about a roadmap or the technology behind the token.

The founders' qualifications also become irrelevant, leaving only the community's growth and HODLing behavior as crucial factors.

Highlighting this tension are Fibonacci extension levels.

Technical Analysis

Chart: TradingView

Technicals showed a bearish divergence between the RSI and the price as HOPPY crypto approached the $0.000281 resistance, marking the 61.8% Fibonacci extension.

The coin faced a rejection at this level, and its chances of breaking out were further reduced by the RSI's bearish divergence and the OBV's failure to penetrate local resistances.

This indicated a lack of buying volume behind the coin, a conclusion supported by the volume bars, which remained unremarkable despite HOPPY's recent substantial gains.

As a result, holders from lower levels may prefer to wait for a deep retracement to acquire more of the coin, emphasizing the importance of patience.

Despite the bullish market structure and trend, the next move might take some time to unfold.