The crypto market is full of surprises, where trends and many other uncertainties play with the assets, and the biggest example of this is happening with the Hamster Kombat token. The token was introduced to the market just a few days ago with much anticipation and hype. Even the experts predicted heavy gains after the launch. However, that is not what happened, as the HMSTR price is in a complete downtrend, losing more than 38% of its value.
It has turned out to be a huge disappointment for Hamster Kombat players, who have been playing the game and completing tasks to earn tokens. However, the HMSTR price performance failed to comply with the users’ expectations.
HMSTR Price Dropped By 38%, What Is Happening?
Hamster Kombat token, HSMTR, went live on various crypto exchanges, including Binance, on September 26, but the launch was not the easiest. Just days before the listing, many issues surrounded the token, especially the last-minute introduction of an anti-cheating mechanism, disappointing millions of users. It led to the HMSTR hashtag trending on X for days, with constant hate from its followers. More importantly, the user’s disappointment has grown even higher, as the HMSTR price is on a downtrend, losing more than 38% of its value in the last six days.
The token did have an initial boost moments after the launch. It even surged to as high as $0.01004 but dropped instantly. The value is now down by 46%, currently at $0.005411, which is quite disappointing after its high popularity. Not only that, but the demand for the token is declining with time, where the trading volume is down by 35% to $157,660,895 in the last 24 hours alone.
The biggest reason behind this drop is the high volatility around the token, but there is one more important reason. These game users are quite disappointed with the token distribution and its ongoing price, further pushing the token value down.
Will Hamster Kombat Token Ever Recover?
Despite its poor performance, Hamster Kombat is still the 162 biggest cryptocurrency based on its market capitalization of $348,335,045. This high market cap is the one that is keeping this crypto floating in the market. Additionally, its circulating supply covers only 64.38% of the total supply of 100 Billion, leaving a decent amount of liquidity for use. This will impact the HMSTR price positively.
However, the bearish sentiments are quite strong around this token, where all the major technical factors indicate high selling pressure on the token. Here, the Relative Strength Index is in the overselling zone, which clarifies the ongoing downtrends, but this could also lead to a trend reversal in the future. Additionally, the Coinglass Open Interest rate data indicates a significant increase of 6.76% in the last 24 hours, which is a good sign.
Many other technical indicators like DMI, ADI, and others explain the ongoing downtrend but also a possibility of reversal. However, it would not happen on an immediate basis, but there are chances of recovery in the long term.
Final Thoughts
Hamster Kombat is one of the most popular Telegram tap-to-earn games, attracting more than 300 million users. However, despite the demand, the HMSTR price has continuously struggled, losing 38% of its value since its launch. Additionally, with the technical indicators indicating bearish sentiments around the token, the recovery is less likely today but might happen once the selling pressure declines.
The post Will HMSTR Price Ever Recover? Hamster Kombat Downtrend Continues appeared first on CoinGape.
