After its airdrop and listing on cryptocurrency exchanges, Hamster Kombat (HMSTR) has seen a sharp decline. Despite initial interest and excitement surrounding the project, massive profit-taking led to a significant drop in the value of the HMSTR token over the past week.
With growing bearish sentiment toward the toncoin-based token, it appears that the downtrend is set to continue. Here's an overview of the key information.
Hamster Kombat Fails to Impress Investors
On September 26, #HamsterKombat distributed a total of 60 million #HMSTR tokens to its game players, after which trading began on crypto exchanges with an initial price of $0.014.
However, large-scale sell-offs quickly caused the price to plummet within minutes. Since then, the token has continued to decline, losing 50% of its value over the past six days. At the time of writing, HMSTR is trading at $0.0047, representing an 11% drop in the last 24 hours.
Since the airdrop, the token has faced a negative sentiment, reflected in its weighted sentiment of -0.16. This indicator tracks market mood and suggests that most social media discussions are driven by fear, uncertainty, and doubt—often a sign of a continuing downtrend.
Despite HMSTR losing half of its value in less than a week, some futures traders remain optimistic. Data from the platform Coinglass shows that funding rates have remained positive, indicating that more traders are betting on price increases than declines.
Long Positions Suffer Liquidation
However, many long positions on the market have been unprofitable as liquidations continue. Since September 26, $9 million worth of HMSTR long positions have been liquidated due to the ongoing price drop of the token.
HMSTR Price Prediction: Further Decline Likely
According to the hourly chart of the HMSTR token, it seems that the downtrend will continue. The Directional Movement Index (DMI), which measures trend #strength , supports this bearish outlook. The token's positive directional indicator (blue) is currently below its negative indicator (red), signaling that declines are outweighing upward movements.
Traders view this as a #bearishsignal , indicating that sellers are stronger than buyers. If bears remain in control, they could drive the price of HMSTR down to a low of $0.0010.
However, if market sentiment shifts from bearish to bullish, the price of HMSTR could rise by 59% and reach the resistance level of $0.0075.
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