Rising Wedge Indicates El Hippo Breakout, SHIB Aims For Weekly High

Meme coins are on the rise this week, with strong patterns emerging on the price charts for technical analysts to study. Two coins showing promising signs of growth are El Hippo (HIPP), a young meme coin with just a few months under its belt, and Shiba Inu (SHIB), an established veteran in the meme coin industry.

El Hippo’s Classic Rising Wedge Pattern

A classic rising wedge pattern is emerging on the charts for El HIppo, a meme coin that launched in August 2023. The project is currently launching a $28,000 airdrop to celebrate a recent Bitget listing, two market factors which are likely contributing to the upward price trend shown on the charts today. Users can join the airdrop by depositing HIPP in exchange for a HIPP bonus on Bitget here. The project also issues $700 each fortnight to its users via Zealy quests.

HIPP is now trading at $0.0000000073 after testing an all-time high near $0.000000009 earlier in the week following explosive price growth. In crypto, sustainable growth is typically made over time, with peaks and troughs as well as sideways consolidation to help establish support and resistance along the way. This gives price trends a chance to grow and be accepted among traders, strengthening their usefulness and reliability.

In HIPP’s case, price has bounced off the bottom line of the wedge three times already before rising higher to test the top of the wedge each time. As price is now at the bottom of the wedge, this trend would suggest that HIPP may be about to break past its all-time high very soon. Of course, this is simply one factor and one angle from which to view price, and traders would do well to do their own research before making their own opinion.

HIPP’s market cap is just $5.24 million, a very low market cap that leaves plenty of room for the kind of explosive 100x growth for which the meme coin industry is famous.

Shiba Inu Climbs Steadily Higher

SHIB is showing a clear upward trend on the charts, dipping slightly below the trendline just once before spiking back above it on Monday November 27. This is a very strong and consistent trend – while there hasn’t been any sideways consolidation in this particular trend, price has simply continued to rise and find higher highs all week. This could cause traders to expect price to continue to rise and buy in, creating a self-fulling prophecy of sorts.

Again, a single indicator is not enough to accurately forecast price action, but price trends can still be very clear measures of where the market for an asset may be headed. SHIB’s market cap is currently a massive $4.9 billion. This doesn not allow for the same explosive growth as a small cap coin, but has the benefit of trustability – the market knows SHIB well and traders will have no qualms in jumping in on a trend if they think they can capitalize. 

As one of the industry’s most famous meme coins, SHIB is a very popular asset that has seen massive gains since launching, and according to the latest price chart, those gains could be set to continue in the immediate future.

Technical Analysis of Crypto Coins

Techincal analysis is a useful skill to have in the crypto tool belt of any trader or investor serious about capitalizing on crypto. Of course, there is a lot to learn, and crypto in particular can be subject to volatilite and unpredictable trends typically not seen in more traditional asset classes. As with everything, doing your own research is essential, as is practicing proper risk management when making a financial decision.