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The GameStop price plummeted 60% in the last 24 hours to trade at $0.001635 as of 00:58 a.m. EST on trading volume that plunged 70% to $5 million.
This comes amid rumors that brokerage E-Trade is having internal discussions about whether to ban Keith Gill from the trading platform over concerns of potential market manipulation.
🚨 BREAKING:
ROARING KITTY MIGHT GET KICKED OFF E*TRADE
WSJ REPORTS GROWING CONCERNS OF POTENTIAL STOCK MANIPULATION WITH GAMESTOP PURCHASES
— RoaringKittyTracker (@kittytrcker) June 3, 2024
Keith Gill, known as Roaring Kitty on X, played a central role in the GameStop saga in 2021, and disclosed on Reddit on June 2 that he holds a $181.4 million investment in GME stock and call options.
GameStop shares shot up early Monday after Gill posted a screenshot of his portfolio holdings.
BREAKING: Roaring Kitty has finally posted on Reddit after 3 years.
He has $65M worth of $GME Gamestop calls with a $21 strike expiring in 19 days…
He also has $115M of shares, making his total position close to $200M in Gamestop.
Oh. My. Goodness. pic.twitter.com/yV5AWBZMnX
— amit (@amitisinvesting) June 3, 2024
The broker found that in May Gill had bought call options before he posted on X, with some of those contracts expiring that week, which means he likely made a profit.
With GME-related altcoins dropping after the recent Gill post, GSTOP has not been able to reclaim the $0.0057 resistance level, as it dropped below the lower boundary of the falling wedge pattern, according to data from GeckoTerminal.
GameStop Price On A Bearish Trend, Trading Below the Falling Wedge
The GameStop price shows a strong bearish trend, with GSTOP trading below both the 50-day and 200-day Simple Moving Averages (SMAs), forming the immediate resistance levels at $0.003218 and $0.003739.
Moreover, the Relative Strength Index (RSI) is dropping, closing in on the 30-oversold mark, currently at 36, which indicates that the sellers have an upper hand.
The Average Directional Index (ADX) also trades up, currently above level 25 at 27, which is a signal that GSTOP is on a strong bearish trend.
GameStop Price Prediction – Could The Bulls Stage A Trend Reversal?
The GameStop price analysis on the 1-hour chart shows a strong bearish trend, with the major indicators showing that investors are currently on a selling spree. Furthermore, the 50-day SMA crosses below the 200-day SMA, forming a death cross at $0.0037, encouraging the bears to sell more.
If the bears sustain the bearish momentum, GSTOP could retrace more to the next support zone around $0.00118, which acts as a cushion against downward pressure.
However, with the RSI showing that the asset is highly oversold, investors may prompt a buyback campaign, which may allow the bulls to stage a bullish trend reversal, aiming to overcome the resistance zones at $0.003218 and $0.003739.
Meanwhile, other investors are piling into a new DOGE derivative ICO called PlayDoge, which has already amassed more than $1.7 million in less than a week since it launched.
PlayDoge Meme Coin Raises Over $1.7 Million In Less Than A Week – Best Crypto To Buy Now?
PlayDoge (PLAY) is a mobile-based play-to-earn (P2E) game that transforms the DOGE meme into a Tamagotchi-style virtual pet, which allows users to seamlessly earn $PLAY tokens. The project’s mascot is PlayDoge, a virtual dog that acts as a P2E companion.
PlayDoge’s $PLAY token acts as a value transfer and storage transactional layer for the gaming ecosystem, where holders get to train, feed, and nurture the 2D Doge, earning $PLAY tokens in the process.
Don’t ghost your #Doge or it’ll die 👻
Feed your Doge, earn rewards, and level up. No mazes, just fun!#Presale has launched! 🙌#PlayDoge #P2E #Memecoin pic.twitter.com/Fp2sFwycpj
— PlayDoge (@PlayDogeGame) May 31, 2024
Just like Dogecoin, $PLAY is a meme coin centered on the Shiba Inu dog breed, but similarities end there. One notable difference from Dogecoin is that PlayDoge works on a proof-of-stake (PoS) system.
PlayDoge also runs on the BNB Smart Chain, a blockchain created by the world’s largest crypto exchange, Binance. That ensures that users have access to transaction efficiency and can also seamlessly integrate gaming activities.
Token holders can also earn passively through the project’s staking system, where they can stake $PLAY for an annual percentage yield (APY) of 191%.
According to Jacob Bury, a popular crypto analyst and YouTuber, PlayDoge has the potential to surge 10X after its launch.
You can buy $PLAY tokens for $0.00502 each. With a price hike coming in about 2 days, buy soon to lock in the best deal.
To join the presale, buy $PLAY from the official website here using BNB, USDT, or a bank card.
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