HMSTR Coin Price Analysis, Will it Continue to Fall?

Bittime - After launching on September 26, the Hamster Kombat (HMSTR) token has had a bumpy ride in the crypto market. Even though it set a new record low on October 2 at a price of $0.0044 (Rp. 69). 

The token is showing signs of recovery. However, investors still need to be vigilant, because the downward trend may not be completely over. Let's further explore the HMSTR price development and whether this recovery can last.

HMSTR Price Recovery

In the hourly chart analysis, it can be seen that HMSTR managed to break the descending resistance trendline that has been in place since launch. This suggests that the previous downward trend may have ended. 

However, HMSTR was unable to maintain its gains and experienced rejection at the horizontal resistance area at $0.0052 (Rp. 78). 

Read also: Hamster Kombat Listing Announcement (HMSTR)

After the rejection, HMSTR fell again and approached the short-term upward support trend line at $0.0048 (Rp. 78). If the price falls below this support level, HMSTR could set a new record low.

The hourly Moving Average Convergence/Divergence (MACD) indicator flashed a bearish signal, marking that for the first time since breaking the trend line, it showed a bearish crossover. 

Thus, the hourly price analysis for HMSTR shows a bearish trend, indicating that the price may fall towards the rising support trendline and potentially experience further declines.

Will the decline in HMSTR continue?

If we take a closer look at the hourly chart, there is a head and shoulders pattern that has formed since HMSTR set a record low. This pattern is generally considered bearish and often leads to downward price movement. 

This pattern is in line with bearish indicators and existing price movement readings. In this context, the previously mentioned support trendline acts as the pattern's trendline.

Read also: CATS Listing on Crypto Exchange Today October 8, Get Ready!

If a decline reaches the pattern's height, HMSTR price could fall to a new record low of $0.0041 (Rp. 64). Conversely, if the price moves above the right shoulder high point (red) at $0.0051 (Rp. 78), this bearish view will be eliminated and could lead to a significant increase. However, currently, this possibility does not seem very likely.

Downward Trend Still Continues

Although HMSTR has successfully broken through the descending resistance trend line, the overall trend is still likely bearish. This was further strengthened by the failure to move above the $0.0052 (Rp78) horizontal area and the formation of a bearish head and shoulders pattern. A decline from this pattern could trigger the price to fall to a new record low.

In this volatile crypto world, it is important for investors to remain alert and pay attention to market developments, especially with price trends that are not yet completely stable. Let's wait for further developments to see whether the HMSTR price recovery can last or not.

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