On the other hand, the lower trendline links higher lows and forms support. With HMSTR, the price rise indicates that bulls have neutralized bearish dominance and are aiming to push the price higher while defending the support at $0.0017.
The Hamster Kombat price might also breach the overhead resistance at $0.0025 if the trend continues.
Furthermore, the Chaikin Money Flow (CMF), which measures the buying and selling pressure level, also supports this bias. The CMF reading above the zero signal line indicates higher buying volume, which supports a bullish outlook.
On-Chain Data Confirms Bullish Bias
Away from the technical outlook, data from IntoTheBlock also seems to agree that HMSTR’s price might continue to rise. One reason for this is the support shown by the In/Out of Money Around Price (IOMAP).
The IOMAP shows how many addresses bought an asset within specific price ranges and whether they’re currently “in the money” (profitable) or “out of the money” (at a loss).
If a large number of tokens are profitable at lower price levels, holders may buy more if the price drops, creating strong support. However, if the volume of tokens above the current price is higher, they may sell to break even, creating resistance.
From the chart below, HMSTR’s primary support sits around the $0.0022 level. At this price point, 729 addresses purchased over 6 billion Hamster Kombat tokens and are currently sitting on unrealized profits.
This buying volume at support outpaces the volume of tokens acquired at a loss between $0.0024 and $0.0028.
As a result, HMSTR is less likely to face selling pressure in the short term. If this trend holds, the token could push above the $0.0028 level in the coming days.
HMSTR Price Analysis: Higher Values in Place
Looking at the technical perspective again, the daily chart reveals that the green line of the Supertrend is below HMSTR’s price. When the green line is below the price, it signifies a buy signal.
Alternatively, if the red line exceeds the price, it indicates a sell signal. Since it is the former, HMSTR’s market value is likely to increase.
Should bulls continue to dominate, the next target for the cryptocurrency could be an initial rise to $0.0028. Once hit, HMSTR’s price might rally by 30% and hit the 0.5 Fibonacci level at $0.0032.
On the flip side, if the cryptocurrency falls below the lower trendline of the ascending channel, this prediction might be invalidated. In that scenario, HMSTR’s price might drop to $0.0015.
