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Hamster Kombat burst into the trading scene in September after a long-running airdrop farming event. Despite all of the hype leading up to the launch of the token, the airdrop did come out to be disappointing for investors, even though it listed at around a $500 million. Since then, the price has struggled against the bearish headwinds, losing around 43% of its value. However, this decline may be coming to an end according to one analyst, who sees a bullish future for the HMSTR token.
Hamster Kombat Develops Bullish Indicators
Given the current state of the Hamster Kombat token and the consistent decline, it seemed at first that this was a failed launch. However, crypto analyst Saeed Sheikh sees an opportunity where many sees losses. In an analysis posted on the TradingView website, Sheikh explained that the current indicators could actually be bullish for the Hamster Kombat price.
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As the crypto analyst explains in the post, the decline in the Hamster Kombat price has pushed the altcoin into oversold territory. This explains the sharp decline in price over the last month. But it is also bullish for the price, especially a popular altcoin like Hamster Kombat.
When an asset is in oversold territory, it often means that it is due for a recovery. This is because the sellers will have exhausted their stash and this leaves only the holders in charge. As a result, support is often established for the price, providing a bounce point for the next recovery.
If this is the case and the Hamster Kombat sellers are nearing exhaustion as it enters oversold territory, then Hamster Kombat could be forming support somewhere around $0.005. In this case, this would be the bounce-off point for the next rally and recover its losses from September.
Where Is The Price Headed?
Going by the crypto analyst’s chart, the Hamster Kombat price could more than double from here if it plays out correctly. There are multiple major targets to hit and overcome as they carry the most resistance for the altcoin from here.
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The first target to hit is $0.009116 at the 0.382 Fibonacci level. Here is the first resistance, but arguably the most easiest to conquer from here. Next is the $0.011 target at the 0.236 Fibonacci level. Last but not least is the $0.014149 target, which is the strongest resistance. Naturally, as the price increases, so does the resistance from bears.
Given the current position of the Hamster Kombat price at the time of this writing, hitting the very last target at $0.014149 would mean a more than 100% increase. However, this move is also largely dependent on how the Bitcoin price sways the crypto market, according to the crypto analyst.
Featured image created with Dall.E, chart from Tradingview.com
