As an experienced financial analyst, I have seen my fair share of market trends and price movements. The recent surge in the price of GME, a meme coin based on Solana, has certainly piqued my interest. I was intrigued to see that the asset had surged 124% in less than 24 hours and reached a new all-time high of $0.0298, a 581% increase in just 7 days (CoinGecko data).
As a researcher studying the stock market trends, I’ve noticed an intriguing development with GameStop’s meme coin, GME. In a remarkably short time frame of under 24 hours, this digital asset experienced a significant surge, rising by an impressive 124%. Consequently, it reached a new peak price of $0.0298.
During European trading hours on Friday, the cost of GameStop (GME) stocks fluctuated near $0.026, marking a substantial gain of approximately 581% over the previous week, as indicated by CoinGecko’s data.
GameStop Price Prediction: GME In Price Discovery Zone as Bulls Look to Extend Gains
The GME stock price is currently soaring above its 50-day and 200-day moving averages, indicating a strong bullish trend. Moreover, the asset has recently shattered the resistance level of an ascending triangle pattern that had been forming over the past three days, resulting in new record highs.
Based on the principles of technical analysis, the GME stock price was predicted to reach a price point of approximately $0.030 upon breaching the market pattern. The price fell short by only around 3%, suggesting that the upward trend may persist.
GameStop’s stock began trading at just $0.015 and swiftly climbed by 64% to reach a peak of $0.026 right away. But since then, the asset’s value has been steadily declining, giving the impression that its moment had passed. Nevertheless, in the early hours of a recent Friday, GameStop’s stock price unexpectedly surged, shattering its previous record high and entering uncharted territory.
As a researcher studying the behavior of GME‘s stock price, I’ve noticed that if the bullish trend continues, there is potential for the price to rise as high as $0.035. On the other hand, should the price begin to decline, the top of the ascending triangle serves as a strong support level that could help prevent further losses.
Why is GameStop Price Rallying?
As an analyst, I’d rephrase it as follows: I, an analyst, noticed a significant surge in GameStop (GME) price on Friday. This price increase was likely fueled by the announcement made by Keith Gill, also recognized as ‘Roaring Kitty’, who shared plans to make his first YouTube appearance in three years. With over 770,000 subscribers, Gill arranged for a live stream on June 7, 2024, at 4:00 PM UTC.
Gill’s new appearance on social media also spurred the GameStop stock to surge 47% to hit $47.55 on the day. His resurfacing began three weeks ago when Gill posted an image on X (formerly Twitter) of a sketched man leaning forward on a chair. Shortly after, the GME meme coin was created.
In his latest announcement regarding his GameStop investment, Gill revealed that the position has generated approximately $566 million in gains for the portfolio.
Roaring Kitty has posted an update to his GameStop, $GME, position
— wallstreetbets (@wallstreetbets) June 6, 2024
The coins representing GameStop (GME) in the Ethereum mainnet and Base L2 network have seen significant price increases. Specifically, GameStop on Ethereum has gained 156%, while its counterpart on Base has jumped by 95%.
Bottom Line
During the height of the 2021 stock market surge, Roaring Kitty sparked a meme craze, and it’s no accident that he’s resurfaced now, just as another bull run is imminent. Investors are keenly following his posts to avoid missing any potential profits.
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2024-06-07 07:36