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The GameStop price plummeted over 46% in the past 24 hours to trade at $0.008183 as of 7:40 a.m. EST as investors dump their holdings in the crypto.
GME’s price had rallied after Keith Gill, known as Roaring Kitty on social media, reappeared on X after three years of silence. Renowned for his role in the GameStop saga, Gill’s return had many investors excited at the potential for another meme stock surge.
Bulls Trying To Push The GameStop Price Above A Negative Trend Line
1-hour chart for GME/USD (Source: GeckoTerminal)
The GameStop price dropped below the key $0.013127 support over the past 24 hours. After falling below this mark, the crypto has entered into a consolidation phase above $0.007927.
Traders are now attempting to push GME over a negative trend line that has formed on its hourly chart. At the same time, bears are trying their best to pull the GameStop price down.
A break below the $0.007927 level within the next 4 hours could put the altcoin at risk of plunging to as low as $0.003633 in the short term. On the other hand, GME remaining above $0.007927 for the next 4 hours might invalidate the bearish thesis.
In this alternative scenario, traders could look to enter into a long position for the crypto. This potential influx of buy volume might then push the GameStop price to the aforementioned $0.013127 mark in the following 24 hours.
GME could even break above $0.013127 if the bullish pressure persists. Thereafter, the GameStop price might have the technical foundation and support needed to continue rising, and could climb to as high as $0.018253.
The GameStop Price Might Continue To Drop
Technical indicators on GME’s hourly chart warn the GameStop price might continue to fall in the coming 24 hours. Not only does the Relative Strength Index (RSI) show sellers are far stronger than buyers, the Moving Average Convergence Divergence (MACD) also shows that GME has entered a bearish cycle.
Over the past couple of days, the RSI line has been in a gradual negative slope. Traders usually identify this technical occurrence as an indication that bears are growing stronger against bulls. What’s more, the RSI is still sloped towards oversold territory. This could suggest that sellers are growing even more dominant.
A major bearish technical flag was also triggered throughout the past day of trading, with the MACD line crossing below the MACD Signal line to indicate that GME recently entered a bearish cycle.
If the technical flags present on GME’s hourly chart are validated, the GameStop price could drop below the $0.007927 support. Traders might want to keep an eye on the hourly RSI, which stands at around 33. An RSI value below 50 is usually seen as a buy signal because it suggests a crypto’s upside potential is greater than its downside potential.
As the investor frenzy surrounding GameStop fades, traders and investors are flocking to new Solana meme coin presale Sealana (SEAL) after its presale roared past $1.2 million in funds raised.
Surfing The Meme Coin Mania Wave On Solana
Solana meme coins have been all the rage over the past few months. Investors have rushed to buy newly-launched altcoins in this vibrant ecosystem, which has birthed popular projects such as Dogwifhat (WIF), SLERF, and BONK.
Looking to ride this wave of interest is Sealana, a mammal-themed meme coin inspired by South Park’s Gamer Guy.
#Sealana's throwing a raging frat party for the OG $SEAL Alphas as the #Presale cruises towards the $1m mark. 🦭🚀
The bros are there, the beers are cold, and the babes are en route.🇺🇸🍻
Missed the invite?📩 Looks like you haven’t bagged enough $SEAL to make the cut.💰 Join the… pic.twitter.com/riLSZCqfkB
— Sealana (@Sealana_Token) May 13, 2024
Up until now, the meme coin market has been dominated by canine-themed cryptos. Sealana is looking to change this, and make a splash in the lighthearted sector of the burgeoning crypto space.
Investors Bet Big On SEAL
Investors have stormed SEAL’s ICO from the start, with meme coin enthusiasts scooping up $500k worth of the altcoin within just the first two weeks of its presale going live.
SEAL also caught the attention of crypto YouTuber, Jacob Bury. He recently told his 38.7k subscribers that Sealana has the potential to 10X on launch.
There’s still time for investors to buy SEAL at this early stage. Selling for $0.022, the meme coin can be bought using the simple buy widget embedded on its website.
Although SEAL is a Solana token, investors can acquire the crypto using ETH, BNB and USDT in addition to SOL. Bank cards are also an available payment option.
Purchase Sealana here before it explodes.
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