Hamster Kombat’s native token, HMSTR, entered the open market on September 26, 2024, following an airdrop of 60 billion tokens. Despite initial excitement, price predictions suggest a bearish outlook for the near future.
Hamster Kombat, a new game built on the Toncoin blockchain and integrated into the popular Telegram messaging app, has quickly garnered attention with its massive player base and community engagement. The game reportedly boasts 300 million players, a YouTube channel with 36 million subscribers, and a 55-million-member Telegram group. However, despite its explosive debut, the HMSTR token has encountered early challenges, sparking concerns among investors.
Controversial Airdrop And Price Volatility
The HMSTR token launch was marked by a controversial airdrop. Initially, developers promised to release 100 billion tokens to active participants, but in a surprise move, they reduced the number to 88.75%, with the remainder vested over 10 months. This decision led to only 60 billion tokens being released into the market, leaving some users disappointed and uncertain about the project’s future.
To further complicate matters, a potential scam project, Hamster Cash, surfaced just before the airdrop, raising red flags within the community. Despite this, the HMSTR token began trading at $0.00488 on October 7, 2024.
HMSTR Price Prediction: Bearish Signs Ahead
Looking at the current market performance, HMSTR is struggling to maintain momentum. Price analysis suggests a bearish trend is looming, with the token facing resistance at the $0.0052 mark. After an initial breakout from a descending resistance trend line, HMSTR failed to sustain its upward movement and was rejected at this key horizontal resistance level.
The rejection has driven the price down, and it is now approaching a short-term ascending support trend line at $0.0048. If HMSTR loses this support, analysts predict a further decline, potentially reaching new all-time lows.
Technical indicators also paint a gloomy picture for the token. The hourly Moving Average Convergence/Divergence (MACD) has made a bearish cross, signaling downward pressure on the price. This is the first bearish signal since the token’s initial breakout, reinforcing concerns about a sustained price drop.
What’s Next for HMSTR?
As of now, the short-term outlook for Hamster Kombat’s HMSTR token remains uncertain. The bearish indicators suggest that the token could continue to decline in the coming days. However, with its massive player base and integration into Telegram, the game still holds potential for long-term growth. Investors will need to keep a close eye on technical indicators and market developments to determine whether HMSTR can recover from its early volatility.
Also Read: Hamster Kombat’s Price Struggle – Can It Break the $0.1 Barrier?
For now, it seems that the hype surrounding Hamster Kombat may not be enough to offset the bearish momentum in the token’s price. With resistance levels proving difficult to overcome and support levels showing signs of weakness, HMSTR could face further challenges in the near future.
Hamster Kombat’s HMSTR token has had a rocky start following its September airdrop. While the game has attracted a large user base, the token’s price action suggests that investors should brace for potential further losses. With technical indicators pointing to a bearish trend, it will be critical to monitor the support levels and market sentiment closely.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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