Price Analysis

GameStop (GME) Price Seeks Another 150% Jump After a Monstrous 200% Rally in the Next Few Days!

The Gamestop price underwent another bullish push of over 200% in the past few hours, which has shortened its path towards a new ATH. After undergoing an 80% drop from its highs, the market participants became very furious as the prices were in no mood to initiate a strong rebound. However, the rise since the early trading hours has switched the GME price into a strong bullish mode, which is expected to prevail for a long time and also shake up the entire crypto space. 

The recent GME pump is reportedly speculated to be the deed of a trader, Roaring Kitty or Keith Gill, who was involved in the 2021 GME short squeeze. He recently posted about his holdings worth over $181 million in GME stock and call options. Moreover, he also shared a screenshot showcasing his purchase of 5 million GME shares for over $115 million and putting $65.7 million into call options. Soon after this circulated within the markets, the GME price soared 25% in minutes. 

Now the question arises: is it the time to accumulate more or extract huge profits?

The GME price triggered a fine breakout from the bearish influence in the early trading hours with a minimal rise in volume. During the previous breakout, the volume soared over $1 billion but now, with over $300 million, the price has triggered a 200% upswing, suggesting the bears have no room to intensify their activities. After such a rise, it is speculated that the bulls may have gotten exhausted, but in fact, they might trigger another fine rise before facing a drain. 

The technicals suggest that the GameStop price is in the middle of a fine upswing as the RSI is yet to enter the overbought levels. Besides, the MACD just turned bullish, with the levels undergoing a bullish crossover in the early trading hours. This indicates that the bulls have just entered the ring and, hence, may exhibit their strength and initiate another 150% jump in the next few days. However, one can expect a minor consolidation, but GME price is believed to surge and mark a new ATH at around $0.035 very soon. 

SOURCE

Leave a Comment

ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT ArT