The price of Hoppy Token ($HOPPY) went parabolic during the weekend even as the crypto industry meltdown continued. It has surged by over 385% in the past seven days, helping to push its market cap to over $35 million. 47% of these gains happened in the past 24 hours.
Hoppy Token has experienced a remarkable surge in the past few days, a testament to the growing demand for meme coins and the active participation of its community. Its popularity among social media users, particularly on platforms like Reddit and StockTwits, has played a significant role in this upward trend, making it one of the most trending tokens.
This surge has also attracted more users to the network. Data from DexTools shows that the token has over 4,780 holders. There were almost 3,500 transactions in the past 24 hours, most of them buyers. Total buys totaled over $4.1 million.
Hoppy price has surged even as other popular meme coins have slumped in the past few days. As reported earlier today, celeb tokens like DADDY and MOTHER have slumped hard as some investors booked profits. Also, Pepe, Bonk, Dogwifhat, and Brett have retreated from their all-time highs.
Hoppy stands out as an Ethereum meme coin, drawing its inspiration from The Night Riders, a beloved comic book. Unlike other meme tokens, it doesn’t rely on utility but rather on its potential to become a major player in the meme industry, a sector currently valued at over $60 billion.
Hoppy price forecast
The 4H chart shows that the Hoppy token has been in a strong bull run in the past few days. In this period, it jumped from $0.00000026 to over $0.000082. The token recently moved above the key resistance point at $0.00005120, its highest level on June 3rd. Moving above that level was vital as it invalidated the formation of a double-top pattern.
Furthermore, the Hoppy token has not only surpassed the 50-period and 25-period Exponential Moving Averages (EMA), but the Average Directional Index (ADX) has also surged to 54, indicating a strengthening trend. Additionally, the Relative Strength Index (RSI) has climbed to the overbought level of 75, further supporting the bullish sentiment.
Therefore, I suspect that the token will now pull back as some investors start to take profits. If this happens, the next point to watch will be $0.00005120.
