In this demanding crypto market, crypto coins can gain instant popularity even for the basic things. However, they also tumble at the same speed as the hype begins to fade in the market or the new tokens get the attention of investors. The same might be happening right now for GOAT, X Empire, and HMSTR, as their price has plummeted drastically today concerning their holders.
Why Are Popular Crypto Coins Plummeting?
With only a few days left before the new month’s beginning, the crypto market is stuck between the bulls and bears battles, causing a significant downtrend in crypto coins. Even the popular ones like GOAT, X Empire, and HMSTR, which were dominating other altcoins with popularity just a few days ago, are now struggling on the charts.
This began with the rising Israel-Iran conflict, leading to the crypto market crash earlier. As a result, many crypto tokens declined, with only a few recovering. However, that is not all, as the tokens’ personal issues are putting these popular cryptocurrencies down.
GOAT Entered An Overbuying Zone
After a days-long continuous bullish rally, the GOAT price is finally on a halt, losing almost 10% of its value in the last 24 hours, currently at $0.6062. The Goatseus Maximus price recently hit an ATH of $0.8837 and has made heavy gains for its investors. More importantly, its connection with the popular AI bot Truth Terminal has gained immense popularity, resulting in multiple crypto exchange listings, support from industry leaders, and more. However, with the overbuying of the token, a consolidation phase began, which is quite common after rapid price jumps.
Though many are concerned about the losing hype around such trending crypto coins, it is just a normal phase that helps to provide more stability. More importantly, the technical indicators still indicate strong buying pressure on the token, but the RSI at 72.92086 confirms the overbuying and trend reversal from the earlier uptrend. As a result, this might take some time, but the GOAT token can have another similar price rally with its high demand.
HMSTR Players Losing Interest Since Controversy
Hamster Kombat’s demand was at its peak last month, making it one of the most demanded crypto coins. It is still the biggest and most popular Telegram Tap-to-earn game, gaining 300M users and millions of followers on social media platforms. However, the HMSTR controversy ruined the game, as the team restricted a major portion of their players from airdrop. As a result, they are facing heavy backlash and hate from the community.
Even since the launch, the HMSTR price has been struggling, losing 67% of its value. It is currently trading at $0.002829 after a 3% drop in the last 24 hours, revealing that the user’s sentiments are still not getting better. It is more disappointing as the team has revealed the plans for Season 2, but the player’s involvement is still lacking.
After analyzing the token’s performance and users’ sentiments, the hype is slowly fading. Even the technical factors indicate strong selling pressure with the possibility of an uptrend only if it moves past the pivot at 0.011895, which is quite far.
X Empire Volatility Still Restricting The Crypto Coins
X Empire is one the most demanded tap-to-earn games after Hamster Kombat, and its simple earning features have earned its popularity. More importantly, it has recently finished its TGE and HMSTR airdrop, causing significant volatility and resulting in the X-Empire price drop. Even at the time of writing, the price is at $0.00005885 after a 4% drop in the last 24 hours and 45% over the week. However, there is another reason for this downtrend.
Similar to Hamster Kombat’s controversy, the X-Empire team also removed players from airdrop. They blocked more than 44M users, allowing only 6M for the airdrop, causing extreme disappointment among the players. Though the team had the right reason to do so, the players were unhappy with the last-minute rules, which wasted their time and efforts.
Interestingly, the team has already begun preparing for the next season, which could boost its demand again.
What’s In There For You?
With the concerns over the crypto market’s consolidation, the investors began fearing that the trends could disappear for popular crypto coins, including GOAT, HMSTR, and X Empire. However, the reality is quite different, as these trending crypto coins are struggling due to their circumstances influencing their price performance. It reveals how the temporary volatility could bring the tokens down, but in place of worrying, the pro investors will focus on buying at low and selling at high.
However, it is important to note that the market is quite unpredictable, and anything can happen next. So, the investors should do their proper technical analysis before jumping into a trade.
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