- 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.
Hamster fight [HMSTR] was in a downtrend on the lower time frames. Since September 28, the currency has lost 30.7% in value. In the last 48 hours, the price has consolidated above the $0.004 support level.
The $300 million market cap token’s trading volume was below average the previous trading day. This had to change before a bullish reversal could be expected.
Bearish market structure and range formation
Source: HMSTR/USDT on TradingView
The price move below $0.0046 on Thursday caused the hourly market structure to turn bearish. The trend over the past week has also been bearish. The OBV was unable to break a local high. This would be the first strong signal that an upward move is likely.
The RSI has been swinging around the neutral 50 zone for the past two days, showing an indecisive market. A Bitcoin [BTC] A reversal from the $60,000 support zone could revive the altcoin market.
This in turn could give HMSTR bulls the conviction to go long in greater numbers. A breakout past $0.0049 and a retest would provide a buying opportunity targeting the series of lower highs that Hamster Kombat has posted over the past week.
Bullish speculation about hamsters is increasing
In the last 12 hours, Open Interest has increased from $44.7 million to $49.58 million. During this time, the HMSTR token tested the $0.0045 support level and rose 2%. The funding rate remained positive, showing that speculation was likely bullish.
Realistic or not, here is the market cap of HMSTR in terms of BTC
On the other hand, spot HVD showed a steady decline. Therefore, Hamster Kombat is more likely to fluctuate between $0.0045 and $0.00494 in the coming days.
Disclaimer: The information presented does not constitute financial advice, investment advice, trading advice or any other form of advice and is solely the opinion of the writer
