Hamster Kombat entered the commercial scene in September after a long agricultural airdrop event. Despite all the enthusiasm leading up to the token’s launch, the the airdrop was disappointing for investors, although it is listed at around $500 million. Since then, the price has struggled with headwinds, losing around 43% of its value. However, this decline may be coming to an end, according to one analyst, who sees an optimistic future for the HMSTR token.
Hamster Kombat develops bullish indicators
Given the current state of the Hamster Kombat token and the consistent decline, it initially appeared that this was a failed launch. However, crypto analyst Saeed Sheikh sees an opportunity where many see losses. In an analysis published on the TradingView website, Sheikh explained that current indicators could actually be bullish for Hamster Kombat price.
Related Reading
How does the crypto analyst explains In the post, Hamster Kombat’s price drop pushed the altcoin into oversold territory. This explains the sharp drop in price in the last month. But it is also bullish for the price, especially for a popular altcoin like Hamster Kombat.
When an asset is in oversold territory, it often means it needs to be recovered. This is because the sellers will have exhausted their stock and this leaves only the holders in charge. As a result, support is often established for the price, providing a recovery point for the next rally.
If this is the case and Hamster Kombat sellers are nearly exhausted when it enters oversold territory, then Hamster Kombat may be forming support something around US$0.005. In this case, this would be the turnaround point for the next rally and recovery from the September losses.
Where is the price going?
Following the crypto analyst chart, the Hamster Kombat Price It could more than double from here if everything goes correctly. There are several key targets to hit and surpass as they present greater resistance for the altcoin from here.
Related Reading
The first target to be reached is $0.009116 at the 0.382 Fibonacci level. Here is the first resistance, but without a doubt the easiest to conquer from here. Next is the target of $0.011 at the 0.236 Fibonacci level. Last but not least is the target of $0.014149, which is the strongest resistance. Naturally, as the price increases, so does the resistance from the bears.
Given the current position of the Hamster Kombat Price at the time of writing, reaching the latest target of $0.014149 would mean an increase of over 100%. However, this movement also largely depends on how the price of Bitcoin influences the crypto market, according to the crypto analyst.
Featured image created with Dall.E, chart from Tradingview.com
