Hamster Kombat Price Climbs After 53% Drop, Will it Sustain?

After much anticipation, the popular Telegram tap-to-earn game token HMSTR was launched in September, but the Hamster Kombat price has been struggling ever since then. Over the two weeks, this token’s price has dropped more than 53% concerning its holders. This is because the game became super popular, gaining 300 Million users within a few months. However, despite this popularity, the HMSTR price continues to dip below $0.1, but it is up by 5.5% in the last 24 hours.

Why Is Hamster Kombat Price Up Today?

Hamster Kombat’s downtrend continued amid the high volatilty following the HMSTR airdrop. More importantly, the user’s opposing sentiments following the last-minute bans and changes in the airdrop played an important role.  However, despite that, this two-week-long downtrend is concerning, especially with the increasing competitors of this gaming token. It includes the Hamster Kombat Vs X Empire debate, as the X Empire is also launching an airdrop and token generation event (TGE).

Regardless, with the user’s sentiments settling around this gaming token, the Hamster Kombat price has finally attempted a recovery. It has risen 5.5% in the last 24 hours, currently at $0.004057, with a market capitalization and trading volume of $261.84M and $58.63M.

This sudden surge came after the OKX introduced the HMSTR/USDC spot trading pair, boosting its demand in the market. Additionally, with the revelation of Hamster Kombat airdrop Season 2, the players are again gathering around this token as the team has introduced new features, It includes allowing the players to keep their tokens in the game.

Dear CEOs,

We have added an option of keeping your tokens in the game (check the Airdrop section).

If you decide to keep your tokens instead of withdrawing them, you’ll be (very) pleasantly surprised!

Season 2 will bring a boost to the token holders!

Stay tuned! We’ve… pic.twitter.com/aC1mJ8KvuH

— Hamster Kombat (@hamster_kombat) October 8, 2024

Lastly, this recovering behavior has come from the overall crypto market turning bullish today, where Bitcoin price is up 1.72%, and the same is true for altcoins.

Will HMSTR Price Rally Sustan?

Despite the 2% surge, the trading volume of this Telegram game is down by 30%, which is not a good sign. It is an indication that traders are losing their interest in this token due to its constant downtrend. Moreover, today’s Hamster Kombat price surge is a minor jump, where the price has barely lifted on the charts. It happened after the token entered a consolidation phase after continuous drops.

A crypto analyst, Bit_Guru, earlier revealed that the HMSTR token broke the rising channel pattern, revealing the bears’ dominance. Moreover, he indicated the key level to watch, as the resistance lies at $0.004330 and the support is at $0.003850. The upcoming candle formation could decide the Hamster Kombat price trajectory.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.