Hamster Kombat (HMSTR) Price Likely to Climb 30% if This Bullish Pattern Stays Intact

Key Takeaways

• After an initial correction, the Hamster Kombat price has risen within an ascending channel since Feb.18.
• The CMF is above the zero line, while the Supertrend’s green line suggests a potential buy signal for HMSTR.
• Support is present at $0.0022, where over 6 billion tokens are profitable, reducing the likelihood of selling pressure.

If the bullish trend persists, HMSTR could target $0.0028, with a potential 30% rally towards $0.0032, unless it falls below the ascending channel’s lower trendline

After suffering a devastating 75% drop from its all-time high, Hamster Kombat (HMSTR) has been trading within an ascending channel since Feb. 18. This change in trend has effected a 25% increase in the Hamster Kombat price.

Interestingly, HMSTR’s momentum comes at a time when most cryptocurrencies are grappling with sluggish price action. While pullbacks have followed similar rallies in other altcoins, HMSTR appears to be resisting that trend.

If this strength persists, the token could climb even higher. In this analysis, CCN reveals the potential targets and the key conditions that could drive HMSTR’s next move.

Hamster Kombat Price Breaches Key Levels

On Feb. 18, the Hamster Kombat price was $0.0015. However, as days and weeks passed, the cryptocurrency hit lower lows and eventually formed an ascending channel.

Also called a rising channel,  the ascending channel bullish chart pattern forms when the price moves between two upward parallel lines. The upper trendline in this pattern represents higher highs and connects resistance.

On the other hand, the lower trendline links higher lows and forms support. With HMSTR, the price rise indicates that bulls have neutralized bearish dominance and are aiming to push the price higher while defending the support at $0.0017.

The Hamster Kombat price might also breach the overhead resistance at $0.0025 if the trend continues.

Furthermore, the Chaikin Money Flow (CMF), which measures the buying and selling pressure level, also supports this bias. The CMF reading above the zero signal line indicates higher buying volume, which supports a bullish outlook.

On-Chain Data Confirms Bullish Bias

Away from the technical outlook, data from IntoTheBlock also seems to agree that HMSTR’s price might continue to rise. One reason for this is the support shown by the In/Out of Money Around Price (IOMAP).

The IOMAP shows how many addresses bought an asset within specific price ranges and whether they’re currently “in the money” (profitable) or “out of the money” (at a loss).

If a large number of tokens are profitable at lower price levels, holders may buy more if the price drops, creating strong support. However, if the volume of tokens above the current price is higher, they may sell to break even, creating resistance.

From the chart below, HMSTR’s primary support sits around the $0.0022 level. At this price point, 729 addresses purchased over 6 billion Hamster Kombat tokens and are currently sitting on unrealized profits.

This buying volume at support outpaces the volume of tokens acquired at a loss between $0.0024 and $0.0028.

As a result, HMSTR is less likely to face selling pressure in the short term. If this trend holds, the token could push above the $0.0028 level in the coming days.

HMSTR Price Analysis: Higher Values in Place

Looking at the technical perspective again, the daily chart reveals that the green line of the Supertrend is below HMSTR’s price. When the green line is below the price, it signifies a buy signal.

Alternatively, if the red line exceeds the price, it indicates a sell signal. Since it is the former, HMSTR’s market value is likely to increase.

Should bulls continue to dominate, the next target for the cryptocurrency could be an initial rise to $0.0028. Once hit, HMSTR’s price might rally by 30% and hit the 0.5 Fibonacci level at $0.0032.

On the flip side, if the cryptocurrency falls below the lower trendline of the ascending channel, this prediction might be invalidated. In that scenario, HMSTR’s price might drop to $0.0015.