The cryptocurrency market is gearing up for renewed market recovery amid the upcoming U.S. presidential election. The Bitcoin price recovery toward an All-time high has bolstered the broader market uptrend. Despite the bullish sentiment, the Hamster Kombat price is gradually heading for a $0.001 breakdown as it experiences a dramatic decline in its user base.
With the crypto market today, the HMSTR price trades at $0.0023 with an intraday gain loss of 1.42%. The global crypto market cap is $2.28 Trillion, while the 24-hour trading volume is $58.3 Billion.
Hamster Kombat Price Risks $0.001 Breakdown as 260M Users Exit
Hamster Kombat, once a standout in the crypto-gaming sphere, has experienced a dramatic decline in its user base over the past few months. According to recent data, the platform’s active users declined steadily from its July high of 300 million to 41 million.
Despite the initial hype, the poorly distributed air has significantly impacted the platform’s use base. Its hastily constructed AI and repetitive, tedious gameplay have failed to sustain user interest.
The staggering decline of 260 million users could negatively impact demand pressure on Hamster Kombat price. This downtrend indicator lowers engagement and decreases demand for in-game tokens, reducing liquidity and undermining the token’s market value.
If the trend persists, the HMSTR price could witness prolonged correction and drive the $0.001 breakdown.
HMSTR Chart Analysts Hints Major Breakout Amid Channel Formation
Since last month, the Hamster Kombat price has witnessed a steady correction from $0.0051 to $0.0023, registering a 55% loss. This steady shows a higher and lower low formation series, indicating a falling channel pattern formation.
Theoretically, the pattern drives a steady downturn, but as no trend remains the same in a tradable asset, the HMSTR price is poised for a decisive breakout.
By press time, the Hamster Kombat price trades at $0.0023 with a market cap of $151.1. If the U.S. presidential election drives a crypto market recovery, the altcoin could jump 18% to challenge the overhead trendline.
A potential breakout will signal a market trendline and drive the altcoin price to $0.005.
However, if the HMSTR’ user base continues to decline, the asset could prolong its correction a break below $0.001
Frequently Asked Questions (FAQs)
Hamster Kombat’s price is facing potential breakdown pressure due to a massive decline in its user base
The current price trend is shaped by a falling channel pattern, characterized by a series of lower highs and lower lows within two trendlines.
Yes, the upcoming U.S. presidential election could trigger a broader market recovery
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
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.
Source: https://coingape.com/markets/hamster-kombat-price-risks-0-001-user-exodus/
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