Cryptocurrency Market Under Pressure: Can Hamster Kombat Hit $0.1 After Season 2 Launch?

Cryptocurrency Market Under Pressure: Can Hamster Kombat Hit $0.1 After Season 2 Launch?

As the cryptocurrency market faces renewed selling pressure toward the end of October, Bitcoin flirts with a potential breakdown below $65,000. This bearish momentum has impacted several major altcoins, including the trending game token Hamster Kombat (HMSTR), which has experienced a 12% intraday loss, now trading at $0.06. However, with the launch of its highly anticipated Season 2, many speculate that Hamster Kombat could see a reversal, potentially driving its price to $0.1.

What’s New in Hamster Kombat Season 2?

Hamster Kombat is preparing for a significant update with its upcoming Season 2, set to be released at the end of October 2024. The viral Telegram-based game will introduce a new strategic focus, allowing players to take on the role of CEOs of game development studios. This is a shift from Season 1, where players managed a cryptocurrency exchange.

In this new season, users will face more complex challenges, such as hiring staff, developing successful games, and building their own gaming empire. The developers have confirmed that the popular clicker mechanics from Season 1 will remain, ensuring continuity for dedicated players. Moreover, the introduction of a new payment system, token buybacks, and NFT-based in-game rewards is expected to significantly boost user engagement and demand for the HMSTR coin, potentially leading to a price surge towards the $0.1 mark.

Hamster Kombat Price Breakdown: Is a Deeper Correction Imminent?

Over the past three weeks, the price of the HMSTR coin has been in a steady decline, forming a falling wedge pattern on the charts. This setup typically signals weakening bearish momentum and often precedes a bullish breakout above the overhead trendline.

However, recent market volatility has led to a bearish breakdown below the wedge’s lower support line, raising concerns of a possible decline towards the $0.003 level. A confluence of bearish signals from the 4-hour exponential moving averages (20, 50, and 100) suggests sellers could continue driving the correction.

On the other hand, the presence of long-tail rejection candles around the $0.033 level indicates that buyers are actively defending this support, potentially staving off further losses. A return to the wedge pattern could pave the way for a bullish breakout, but breaking above the overhead trendline remains crucial for a sustained trend reversal.