Hamster Kombat’s (HMSTR) performance since its airdrop and subsequent itemizing on cryptocurrency exchanges has been underwhelming. Despite the preliminary hype and excitement surrounding the project, the revenue-taking exercise that followed has prompted HMSTR label to plummet vastly over the final week.
With rising bearish sentiment in opposition to HMSTR, the Toncoin-basically based entirely token is poised to enhance its decline. This diagnosis delves into what you beget got to know.
Hamster Kombat Fails To Tag Holders
On September 26, Hamster Kombat disbursed 60 million HMSTR tokens to its sport gamers, after which it started trading on cryptocurrency exchanges at $0.014.
However, huge selloffs snappy prompted its label to plummet interior minutes. The token has since persevered its downtrend, declining 50% over the final six days. As of this writing, HMSTR trades at $0.0047, marking an 11% drop in the final 24 hours.
Since the airdrop, HMSTR has faced a bearish bias, reflected in its unfavorable weighted sentiment, presently at -0.16. This metric tracks the total market mood, and unfavorable sentiment means that virtually all social media discussions are driven by dismay, uncertainty, and doubt—in total a precursor to a prolonged downward pattern.
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Despite HMSTR shedding half of its label in beneath per week, its futures traders stay optimistic. Coinglass recordsdata presentations that since HMSTR grew to became tradeable, its funding charges beget stayed decided, indicating that extra traders are making a wager on a label rally than on a decline.
However, various these lengthy positions have not been winning, as liquidations continue. Since September 26, $9 million worth of HMSTR lengthy positions beget been liquidated due to this of the token’s ongoing label drop.
HMSTR Tag Prediction: More Decline on the Horizon
Readings from HMSTR’s hourly chart signal that the token is poised to enhance its decline. Its Directional Run Index (DMI), which measures the energy of a pattern, helps this bearish outlook. At press time, the token’s decided directional indicator (blue) rests beneath its unfavorable directional indicator (red).
When positioned this manner, the asset’s label is experiencing extra downtrends than upward actions. Merchants glimpse this as a bearish signal, suggesting that sellers are stronger than traders. If the bears stay in maintain watch over, they’d perhaps well perhaps also cause HMSTR’s label to plummet to a low of $0.0010.
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However, if market sentiment shifts from bearish to bullish, HMSTR’s label would possibly perhaps perhaps surge by 59%, reaching the resistance stage at $0.0075.
