Hamster Kombat [HMSTR] has suffered huge losses since its launch. Last week, it fell by about 40.34%, causing a significant drop in its market value. In the last 24 hours, it fell by another 3.94%, which could create a strategic entry point for investors betting on a recovery.
HMSTR Enters Demand Zone: Is There Enough Buying Pressure?
Currently, Hamster Kombat has fallen into a demand zone, marked by recent declines of 3.94%. This zone, from 0.5840 to 0.5722, appears on the 1-hour chart and is expected to see strong buying pressure.
If buying activity at this level breaks the current bearish trend, HMSTR could rally as much as 13.90%, targeting $0.006650. However, a more conservative target is $0.006416.
Conversely, if Hamster Kombat fails to sustain support in this demand zone, it risks a further decline, possibly falling to $0.05542 or lower.
Mixed Signals From The Market On The Direction Of HMSTR
According to the Parabolic SAR (Stop And Reverse), the Hamster Kombat is showing signs of turning bearish, as indicated by dots appearing on the price bars – a trend currently observed in the HMSTR trading pattern.
In contrast, the Relative Strength Index (RSI) offers a more optimistic outlook. After hitting support, the RSI has turned bullish, suggesting that momentum could still be bullish.
RSI assesses market direction by measuring the speed and change of price movements.
Based on this and current market conditions, TinTucBitcoin predicts a likely uptrend, with the demand zone holding as explained below.
Open Interest Suggests Bullish Outlook for HMSTR
Open interest, an indicator that tracks outstanding derivatives contracts on an asset, can indicate market sentiment.
A high number of open contracts usually indicates that traders are increasing their positions, which usually reflects a bullish price movement.
According to Coinglass, Hamster Kombat's open interest has increased by 6.81% over the past 24 hours, from $60.81 million to $17.37 million at press time.
This sharp increase shows that traders are actively investing and betting on HMSTR price to continue rising from current levels.
However, if the overall market sentiment turns negative, this could push the HMSTR price further down.
