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The GameStop price plummeted 12% in the last 24 hours to trade at $0.01431 as of 00:33 a.m. EST on trading volume that plunged 15% to $97 million.
This comes as Keith Gill, the stock influencer known as Roaring Kitty on X, revealed on June 13 that he’d increased his holdings of GME shares to 9 million from 5 million previously.
Gill, who was a key driver of the GameStop short squeeze saga in 2021, recently disclosed a sizable GameStop stock and options position in a screenshot posted on Reddit on June 2. Following this move, GameStop’s share price experienced significant volatility.
The price fluctuations have also been evident on GME-related altcoins, with the GameStop meme coin dropping 55% from its all-time high (ATH) of $0.03189, attained on June 7, data from GeckoTerminal shows.
GameStop Price Set For A Bullish Trend Reversal Over The Symmetrical Triangle
The GameStop price has been trading within the symmetrical triangle pattern in the last week. However, the recent drop has resulted in the token dropping below the lower boundary of the triangle.
GME dropping from the upper boundary of the triangle has pushed the price to trade below the 50-day Simple Moving Average (SMA), with this level acting as the immediate resistance level at $0.017. However, GME still trades over the 200-day SMA, an indication of a possible trend reversal.
Moreover, the Relative Strength Index (RSI) drops from the 50-midline level as it hurtles toward the 30-oversold level, currently at 40. This shows that sellers have the upper hand.
In a scenario where sellers continue with the trend, the asset could be oversold, which could prompt a retrace to the next support zone around $0.00923, coinciding with the 200-day SMA.
In an inverse scenario, with the asset being oversold, the bulls could prompt a buyback campaign which could result in a strong bullish reversal over the upper boundary of the symmetrical triangle.
Meanwhile, some traders are pivoting to an AI meme coin called WienerAI, a new canine-themed token that merges two of the hottest niches in crypto right now: AI and meme coins.
WienerAI Soars Past $5.6 Million In Presale – Next 100X Crypto?
WienerAI (WAI) is garnering immense attention within the crypto community after surging past $5.6 million in funds raised and after recently raising $2 million in less than two weeks.
More Wieners every day – Our WienerAI family is growing fast! 🐾
More holders = More excitement for our launch!
Ready to join the pack? 🌭🚀 pic.twitter.com/TPFpsjLGFX
— WienerAI (@WienerDogAI) June 13, 2024
The project combines the power of artificial intelligence (AI) and blockchain technology, offering a unique trading platform that promises an enhanced trading experience for all users.
That’s the role of its planned trading bot, which uses predictive technology and a user-friendly interface to provide users with advice on when to buy and sell crypto.
More than just a bot–WienerAI is your ultimate crypto trading companion.
We're delighted to share some sneak peeks with our incredible and supportive community. (1/4) pic.twitter.com/kR8ypeJycj
— WienerAI (@WienerDogAI) June 11, 2024
Adding to the appeal is its charming wiener dog mascot, injecting a touch of whimsy into the mix.
Token holders also have an opportunity to earn passively through the platform’s staking system, which offers an annual percentage yield (APY) of 199%.
According to 99Bitcoins, a popular crypto channel on YouTube, $WAI has the potential to surge 100X after its launch.
You can be part of the presale by buying WAI tokens for $0.000718 each. But hurry as the price will increase in less than two days.
Buy WAI tokens on the official website here using ETH, BNB, USDT, or a bank card.
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