Hello, Skyrexians!
Today's article is made to keep the novice traders in safe with the explaining how usually new meme coins move after listing. As you know since 2023 there have been listed a lot of new meme coins, which showed the great gains and causing FOMO buying. Today we will analyze $HMSTR , one of the hottest coins in 2024 and try to explain why it can crash -70% from current price.
Let's take a look at the 1D chart. We can see that after the huge listing pump price is stagnating slowly. The first significant dump was the wave A. Here is likely to be the distribution of airdrops to those who tapped the hamster. When the selling pressure became weaker we saw again the rapid pump in wave B.
At the end of the wave B Bullish/Bearish Reversal Bar Indicator [Skyrexio]flashed the red dot and new sell off started. This signal is very strong. As always, alerts from this indicator are automatically replicated on my accounts. You can find the information in our article on TradingView. This sell-off is going to be severe, because wave C usually is very impulsive. It has the Fibonacci extension target 1 at $0.0010.
Pay attention to the listing price, it's located next to this price. New coins tend to retest the listing price and make some deviation below. We wanna see sideways slightly below the listing price to have the high probability that this coin is going to reach the moon in the next impulsive wave, but to buy now, in our opinion, is very risky.
Best regards,
Skyrexio Team
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