Hoppy token hits all-time high, rare pattern points to more gains

The Hoppy token continued its strong rally, reaching a record high of $0.0002890 on Friday, Oct. 18.

Hoppy (HOPPY), a meme coin on the Ethereum (ETH) network, has risen by over 18,000% from its lowest point in June. This rally has made it one of the best-performing cryptocurrencies, with its market cap soaring to over $109 million.

Hoppys surge is being fueled by a growing number of holders. Data from CoinCarp shows that it now has over 3,600 users, with the top ten holders accounting for 42% of the total. Its daily volume hit a record high of $14.7 million this week.

The number of holders could likely increase if the token were listed on tier-1 exchanges like Binance, Coinbase, and OKX. Additional data from CoinGecko shows that most of its trading was happening in Uniswap (UNI), the biggest player in the decentralized exchange industry. The top CEX exchanges that have listed Hoppy are MEXC, Bitmart, and BingX.

Hoppys rally coincides with gains in other Solana and Ethereum-based meme coins. Data from CoinMarketCap shows that tokens like Cat in a dogs world, Book of Meme, Mog Coin, Brett, and Dogecoin were some of the best-performing cryptocurrencies in the past week. The total market cap of meme coins has jumped to $61 billion.

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Hoppy token formed a cup and handle pattern

Hoppy price chart | Source: TradingView

Hoppy surged past the key resistance level of $0.0002080, its highest point on July 24. This level was significant as it represented the upper boundary of the cup and handle pattern, a common indicator of a bullish continuation.

Hoppy has risen above the 50-day moving average, suggesting that bulls are in control. However, indicators like the Relative Strength Index and the Stochastic Oscillator have moved into the overbought territory.

As a result, the token may pull back to retest the support level at $0.0002080 before resuming its bullish trend.

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