Hamster Kombat chart pattern points to a major comeback

The Hamster Kombat token is stuck in a deep bear market after one of the most anticipated airdrops turned into a disappointment.

Hamster Kombat (HMSTR) is down over 80% from its all-time high, bringing its fully diluted valuation to $268 million.

This collapse mirrors the collapse of other popular Telegram win-win tokens that have fallen sharply from record highs, such as Notcoin (NOT), Catizen (CATI) and Pixelverse.

One possible reason for this decline is that many “to-earn” tokens often face sales as their holders cash out. Additionally, even highly anticipated networks tend to lose momentum over time. Axie Infinity (AXS), for example, saw a sharp decline in its user base after 2021 despite its initial success.

DappRadar’s data shows that the network had 118,000 unique active wallets in the last seven days. On the other hand, the token’s fall from $172 to $5 in 2021 cost investors billions of dollars.

The same trend is observed in Hamster Kombat, where the number of users has decreased rapidly in the last few weeks. According to Rektology, the platform has lost more than 260 million users in the last few weeks. If the trend continues, he expects the token to be delisted on several exchanges.

Hamster Kombat’s YouTube channel is also not growing as it was at the beginning of this year. The number of subscribers has been stuck at 36.9 million for a while.

HMSTR’s daily trading volume also decreased. CoinMarketCap data shows its 24-hour volume is $34 million, down from over $100 million a few weeks ago.

Hamster Kombat price may recover AXS price chart | Source: crypto.news

On a positive note, there are indications that the HMSTR token may have bottomed, pointing to potential gains in the near term.

The downward momentum has slowed since October 25, and indicators such as the Relative Strength Index and Stochastic Oscillator are trending upward.

Hamster Kombat in particular formed a falling wedge pattern, which is a common reversal signal. This price action suggests that the token could rise to $0.0053, the high reached on October 7, representing a potential 100% increase from current levels.

Conversely, a decline below the all-time low of $0.00228 will invalidate the bullish view and could send the price as low as $0.0015.