The performance of Hamster Kombat [HMSTR] was outstanding in the previous week with a notable 90% increase in its price. Nevertheless, the token failed to sustain this upward momentum.
Within the last 24 hours, HMSTR experienced a significant double-digit decrease. Could this signify a potential loss in the recent value gained by HMSTR?
Analyzing Hamster Kombat’s Performance
Over the past seven days, the token saw an impressive surge of more than 90% in price, which was remarkable. However, this upward trend was short-lived as the token faced a drop of over 20% in price within just 24 hours.
At the moment, Hamster Kombat is being traded at $0.004458, with a market capitalization exceeding $286 million.
Despite the significant 90% price increase over the past week, only 92k HMSTR addresses were profitable, representing merely 10% of the total HMSTR addresses.
One notable observation was that a large portion of Hamster Kombat’s available supply was held by whales. According to data from IntoTheBlock, 10 whales collectively held more than 84% of HMSTR supply at the time of evaluation.
Key Metrics Indicate
Given the substantial volatility experienced by the token recently, an assessment of HMSTR’s on-chain metrics was conducted. Our analysis revealed that Hamster Kombat’s trading volume rose alongside its price increment and conversely decreased when its value depreciated.
Furthermore, a similar trend was noticed in its open interest. Both metrics suggested that the recent 20% price decline might be transient. A drop in trading volume and open interest usually signals a high possibility of a shift in the prevailing trend.
However, following a significant surge, HMSTR’s social dominance dwindled, indicating waning popularity of the token within the cryptocurrency market.
Beyond this, data from Coinglass presented another bearish signal. In the past 24 hours, the token’s long/short ratio decreased, indicating more short positions than long positions in the market, potentially leading to a further price downturn in the short run.
The technical indicator, MA Cross, also pointed towards a bearish outlook as the 20-day MA crossed below the 9-day MA. At present, Hamster Kombat is undergoing a support test. If successful, investors could anticipate the token reaching $0.0049 once more.
Nevertheless, the Chaikin Money Flow (CMF) showed a decline, hinting at a potential breach of its support by HMSTR, which might result in a prolonged price decrease in the upcoming days.