Hamster Kombat [HMSTR] faced a downward trend on shorter time frames. Since September 28th, the cryptocurrency has seen a decrease of 30.7%. In the last 48 hours, the price has stabilized above the $0.004 threshold.
The trading volume of this $300 million market cap token was lower than usual in the previous trading session, indicating the need for a shift before a potential uptrend could develop.
Negative Market Trends and Formation of a Consolidation Range
The drop below $0.0046 on Thursday altered the market trend to a bearish direction. The overall trend throughout the past week has also been negative, with the On-Balance Volume (OBV) failing to surpass a local peak. This failure is a significant factor suggesting a possible upward movement.
Over the past two days, the Relative Strength Index (RSI) hovered around the neutral 50 mark, reflecting market indecision. A reversal in Bitcoin [BTC] from the $60k support area might inject new life into the alternative coin market.
Should this occur, HMSTR buyers could gain confidence in going long in greater numbers. A breakthrough above $0.0049 followed by a retest could create a buying opportunity aimed at reversing the series of declining highs observed over the last week.
Rising Optimism Surrounding Hamster’s Future
Within the last 12 hours, the Open Interest surged from $44.7 million to $49.58 million. Meanwhile, HMSTR tested support at $0.0045 and saw a 2% rebound during this period. A positive funding rate suggests an inclination towards bullish speculation.
Conversely, the spot Cumulative Volume Delta (CVD) exhibited a consistent decline. Consequently, it is probable that Hamster Kombat will trade within the range of $0.0045 to $0.00494 in the upcoming days.
Disclaimer: The views expressed are solely the author’s opinion and do not constitute financial, investment, trading, or any other form of advice.