- Hamster Kombat has neutral momentum and a bearish short-term structure.
- An influx of demand and a move above $0.0049 would be a buying opportunity targeting $0.0056.
As an analyst with over a decade of experience in the crypto market, I see Hamster Kombat (HMSTR) as a coin that currently exhibits a neutral momentum but holds a bearish short-term structure. This isn’t a death sentence for potential investors, rather it’s a call to pay close attention and act strategically.
Over the last several days, Hamster Kombat [HMSTR] has been experiencing a decline on its lower timeframes. Starting from September 28th, this cryptocurrency has dropped by approximately 30.7%. However, over the past 48 hours, its price has stabilized above the $0.004 support level.
In simpler terms, the number of trades for this digital token, worth approximately $300 million, was lower than usual on the last trading day. For a positive trend (bullish reversal) to occur, we might need to see an increase in trade activity.
Bearish market structure and range formation
On Thursday, the price dropped below $0.0046, causing an hourly market shift towards bearishness. Over the past week, the trend had been negative. Additionally, the On-Balance Volume (OBV) failed to surpass a recent local peak. This could be a significant indication suggesting an upcoming bullish trend.
Over the last two days, the Relative Strength Index (RSI) hovered around the 50-neutral mark, reflecting a market that’s unsure of its direction. A potential reversal in Bitcoin [BTC] at the $60k support level might invigorate the altcoin sector.
As a result, this might encourage HMSTR bulls to invest more aggressively in larger quantities. If it surges beyond $0.0049 and then retreats for retesting, this could provide a chance to buy, aiming at the sequence of lower highs that Hamster Kombat has shown over the past week.
Bullish speculation about Hamster increases
Over the last 12 hours, the Open Interest increased from $44.7 million to $49.58 million. During this period, the HMSTR token touched its support level at $0.0045 and jumped up by approximately 2%. The funding rate stayed positive, suggesting that speculation was probably optimistic.
Realistic or not, here’s HMSTR’s market cap in BTC’s terms
Conversely, the situation with CVD seemed to be improving steadily. As a result, it’s anticipated that Hamster Kombat might fluctuate within approximately $0.0045 to $0.00494 in the upcoming days.
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2024-10-05 04:07