Hamster Kombat (HMSTR) Price Stabilizes at $0.0060 Following Binance Listing
HMSTR price hovers around $0.0060 but the short term outlook remains bearish. When will it find a bottom?
Key Takeaways
- HMSTR faces volatility amid the early price discovery phase.
- Significant downward trend with potential for further downside.
- Sideways movement expected before possible uptrend attempt.
Since entering the market, Hamster Kombat (HMSTR) has experienced significant price fluctuations. Initially in a downtrend from its peak in late July, it has seen both rapid declines and momentary spikes.
After a dramatic initial fall and subsequent volatility, HMSTR’s price appears to be searching for stability. Further downside movement is possible as the token continues to find its bottom.
Hamster Kombat Price Analysis
Since entering the market, HMSTR has been in a downtrend, starting from a peak of $0.38 on July 31.
The price dropped significantly to $0.012 on September 13, a 95% decline.
On the 4-hour chart, the Relative Strength Index (RSI) fell into the oversold zone, suggesting a potential recovery that could lead to an upward movement.
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By Sept. 21, the price reached $0.088 at the resistance of a descending channel but has since been trading below it. The price slowly declined until Sept. 24, when it reached $0.063, which was still above its horizontal support area. However, as per our previous analysis, further downside was expected.
After the Binance listing, we saw a revaluation, with the price starting to trade at $0.000070. Initially, there was an increase, with HMSTR spiking 1658% in the first hour of trading, reaching a high of $0.0178.
However, it quickly crashed to $0.0060 and has recently moved sideways around this level.
HMSTR Price Prediction
Zooming into the 15-minute chart, we can see that the price formed another descending channel since its first crash.
The downward momentum slowed down but the overall structure is still bearish.
Read more: Hamster Kombat Price Prediction 2024
As this token is still in its price discovery, we are most likely to see further sideways movement inside the slightly descending range, before another leg down.
Some Fib levels below are set as its likely target, with 0.786 at $0.0032 being the furthest.
After the price finds its bottom, we see the first attempt to establish an uptrend. Depending on the depth and how it finds the bottom, we will project further upside price targets.
However, as the projection currently stands, HMSTR could see values above $0.0070 on its next runup.
