El Hippo and Shiba Inu likely to breakout
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In crypto technical analysis, a price spike followed by a period of consolidation can often lead into a breakout, meaning a sudden, powerful price movement in either direction. While it’s harder to say whether that breakout will be positive or negative, spotting breakout patterns can be more reliable.
El Hippo near all all-time high
HIPP was recently listed on Bitget, causing an all-time high of $0.0000000137, a 450% increase since launching just months ago in August. Now trading at $0.00000000114, HIPP is up 104% this month alone.
The Bitget listing, accompanied by a $54,000 rewards program to allow users to earn free HIPP for depositing or trading HIPP on Bitget, has sent prices high.
Still, analysts now need to decide whether the bull run for HIPP is just beginning.
On the monthly chart, price has been consolidating sideways since the all-time high last week. Even so, the question is whether the token will break out.
Factors such as Bitcoin’s recent price increases alongside improving sentiment on HIPP might support prices.
Shiba Inu rising
Shiba Inu is up almost 20% this month, and like HIPP, prices are consolidating sideways after a recent price spike.
With Bitcoin hitting $44k recently, it’s almost looking like altcoin season for the crypto market as many altcoins throughout the industry have posted major gains.
This creates favorable conditions for higher prices, especially in meme coins which are largely driven by social media trends online.
Whether SHIB will continue rising remains to be seen.
Altcoin growth raises questions
The current market discussion revolves around the potential emergence of the next market-wide bull run.
While it might be premature to conclusively declare the onset of another altcoin season, there are clear signs of the crypto winter we recently experienced thawing out.
This sets the stage for the anticipated bullish price action that many have been patiently waiting for.
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