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.
