The crypto market is plunging! Global factors have been highly impacting the global traditional markets, as the stock markets as well as crypto are experiencing a major setback. The Bitcoin price is tanking down and is striving hard to keep up the $61,000. Meanwhile, the Hamster Kombat coin price has been trying hard to remain above the pivotal support levels.
The HMSTR price had a very brutal start for its trading journey as the price had a free fall from the pre-launch price of around $0.1 to the current levels of around $0.004668. The price has been dropping since its launch and is believed to continue with a similar trend until it marks a bottom around $0.004 or even lower. However, the possibility of a bullish rebound may not be eliminated as the technicals remain neutral at the moment.
The hourly chart of HMSTR price shows the token being stuck within a strong descending trend and the latest selling pressure, which has mounted, could keep up the bearish trend for some more time. The token has been constantly trying to rise above the resistance zone around $0.005 but the bulls do not appear to be keen on pushing the prices above this zone. Besides, the stochastic RSI is preparing for a bullish crossover, indicating a potential rise in the short term.
Therefore, the Hamster Kombat coin price is required to rise above the resistance zone around $0.005, which may validate a strong rise. However, the market dynamics do not appear to flip to bullish so soon and hence the HMSTR price may be poised to drop and form bottoms below $0.04 very soon.
