Is $HMSTR /USDT about to see a major breakout? Is it time to sell or hold now?

Let’s take a closer look at the latest market dynamics:

$HMSTR/USDT reached a peak of 0.006170 USDT in the past 24 hours, but then fell to 0.005542 USDT. This fluctuation caused the price to finally close at 0.005926 USDT, down 3.25% on the day. However, despite the price drop, the latest candlestick chart shows that bullish momentum may be brewing!

Technical analysis: Is a new round of rise coming?

Price action initially showed a clear downward trend (as shown by the white line), breaking through multiple support levels and hitting a low near 0.005542 USDT. But the price did not stay at this level for too long! The market then recovered, and the upward movement shown by the green arrow shows that buyer interest is returning.

Most notably, the market has seen a classic bullish reversal pattern known as a "rounding bottom". This pattern usually means that selling pressure has weakened and bulls are about to gain the upper hand. If this pattern is further confirmed, the price of HMSTR may test the high of 0.006170 USDT again.

What information do the volume and moving averages give?

The volume during the decline and subsequent rise was quite strong, exceeding $89 million in USDT trading volume! This shows a strong interest in HMSTR. At the same time, the moving averages (MA) also sent a bullish signal; the consolidation of the 5-day MA and the 10-day MA indicates a possible bullish crossover, which may attract more buyers to the market.