- Hamster Kombat has neutral momentum and a short-term bearish structure.
- A surge in demand and a move above $0.0049 would provide a buying opportunity targeting $0.0056.
Hamster Kombat (HMSTR) was in a downtrend on lower time frames. Since September 28, the coin has depreciated by 30.7%. Over the past 48 hours, the price has consolidated above the $0.004 support level.
Trading volume for the $300 million market cap token was lower than average during the previous trading day. This needed to change before a bullish reversal could be expected.
Bearish market structure and range formation
Source: HMSTR/USDT on TradingView
The price movement below $0.0046 on Thursday reversed the market’s hourly structure to the downside. Last week’s trend was also bearish. The OBV failed to break a local peak. This would be the first strong signal that an upward trend is likely.
The RSI has been wandering around the neutral zone of 50 for the past two days, showing an indecisive market. A Bitcoin (BTC) turnaround from the $60,000 support zone could revitalize the altcoin market.
In turn, this could give HMSTR bulls the conviction to go long in greater numbers. A break beyond $0.0049 and a retest would provide a buying opportunity targeting the series of lower highs released by Hamster Kombat over the past week.
Bullish speculation on Hamster increases
Source: Coinalyse
Over the past 12 hours, open interest increased from $44.7 million to $49.58 million. Meanwhile, the HMSTR token tested the $0.0045 support level and rebounded by 2%. The funding rate remained positive, showing that speculation was likely bullish.
Realistic or not, here is the market capitalization of HMSTR in terms of BTC
In contrast, cash cardiovascular diseases were in steady decline. Therefore, Hamster Kombat is more likely to range between $0.0045 and $0.00494 over the coming days.
Disclaimer: The information presented does not constitute financial, investment, business or other advice and represents the opinion of the author only.
