🔍 Updated HMSTR/USDT Analysis on Binance

$HMSTR

The 4-hour chart of HMSTR/USDT shows confirmation of the downtrend as the price has broken the lower boundary of the descending wedge. This breakout reinforces the bearish sentiment, but let's take a closer look at what is happening with the asset at the moment. 🐕📉

1. Current price:

At the time of analysis, HMSTR is trading at 0.004932 USDT, showing growth of +1.19% over the last 4 hours. However, the breakout of the important support below the 0.0050 USDT level indicates weakness in the asset.

2. Technical indicators:

• Moving Averages (MA):

  • MA (7) - 0.005300 USDT: The short-term moving average remains above the price, confirming the bearish trend.

  • MA (25) — 0.005966 USDT and MA (99) — 0.005592 USDT: both lines are also located above the price, reinforcing the negative signals.

• SAR indicator (Parabolic SAR):
  SAR is at the level0.006133 USDT, showing that there are no conditions for an upward reversal yet. The bearish trend continues.

• Ichimoku indicator:
  The Ichimoku Cloud continues to remain above the price at the level0.005307 USDT, which signals strong selling pressure. A breakout of the cloud in the near future is unlikely until the price shows a convincing recovery.

• Bollinger Bands (BB):
  Bollinger Bands indicator lines are narrowing: the lower border is at the level0.004862 USDT, which confirms low volatility and the likelihood of further decline unless a rebound occurs.

3. Technical formations:

The previously forming descending wedge has been broken downwards, confirming the continuation of the downtrend. Further downward pressure should be expected unless there is a significant increase in volume or a strong rebound from current support levels.

4. Support and resistance levels:

• Support:
  The nearest support is at the level0.004862 USDT(lower boundary of Bollinger Bands). If the price continues to fall, a correction to the level is possible0.0045 USDT.

• Resistance:
  The nearest resistance is located at the level0.005307 USDT(Ichimoku cloud and MA 7). To confirm the reversal, the price must consolidate above this level.

5. Volumes:

Trading volume of 263.156M remains low compared to previous sessions, indicating that current price action is supported by little interest from traders. A decrease in volume could lead to further price declines without clear buying interest.

6. Possible scenarios:

• Bullish scenario:
  To resume the bullish trend, the asset needs to consolidate above the level0.005307 USDTA breakout of this resistance will open the way for recovery up to the levels0.0059 USDTand above. 🔼🐕‍🦺

• Bearish scenario:
  Continuation of the downward movement, especially when the level is broken0.004862 USDT, may lead to a fall to the next significant support level at0.0045 USDT. The likelihood of further decline is high, especially with low volumes. 📉🐾

Conclusion:

The current situation for HMSTR/USDT remains bearish. The wedge breakout and the downtrend indicate continued selling pressure. Traders should closely monitor support levels, volumes, and price action as the current picture points to continued weakness in the asset.

📊 Be attentive to changes in volumes and be prepared for a possible rebound as trading activity increases.

#HMSTR 🐕💹 #cryptousdua