Hamster Kombat price crashed below a key support level after the developers unveiled a big launch.
The Hamster Kombat (HMSTR) token slipped to a low of $0.001620, its lowest level since Sept. 26.
This decline followed the developers’ launch of HamsterVerse, a platform that will house all the apps created within the ecosystem. All these apps will be developed on HamsterChain, its layer-2 network, and will use the HMSTR token.
Hamster Kombat’s developers aim to create a platform where more developers can launch games and other tools. These developers will leverage its technology and popularity to reach millions of users.
The HMSTR token dropped as the countdown to the Tapswap airdrop continued. Tapswap is a tap-to-earn game on Telegram that lets users accumulate tokens by doing simple tasks like tapping a button, watching YouTube videos, and following it on social media.
Tapswap has worked to differentiate itself from other tap-to-earn networks like Hamster Kombat and Notcoin. It has done so by launching a skills-based game that is expected to give the TAPS token more utility. The successful debut of the TAPS token could potentially boost the HMSTR token.
Hamster Kombat has been one of the biggest disappointments in the crypto industry. It was the largest player in the tap-to-earn sector, with over 300 million players. However, its token has crashed by over 88% from its all-time high and is struggling to find buyers.
According to IntoTheBlock, Hamster Kombat now has just 3.9 million holders, with only 0.05% of them in profit. Other tap-to-earn tokens, such as Catizen, Notcoin, and DOGS, have experienced similar performances.
Hamster Kombat price analysis
The daily chart shows that the HMSTR token price has been in a downtrend over the past few weeks. It recently made a strong bearish breakdown below the key support level of $0.002270.
This move was significant as it marked the lowest swing in November and December last year and represented the lower boundary of a descending triangle pattern. A descending triangle is a well-known bearish pattern in technical analysis.
As a result, the coin will likely continue to decline, with sellers targeting the all-time low of $0.00010, representing a 40% drop from its current level. A move above the resistance level of $0.002270 would invalidate the bearish outlook.
