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The GameStop price has dipped 28% in the past 24 hours to trade for $0.009106 as of 00:40 a.m. EST on trading volume that dropped 72%.
Traders are cashing in on the June 3 gains made after Keith Gill, alias Roaring Kitty, shared a post on social media platform Reddit indicating that he holds over $180 million worth of GME stock and call options.
The show of faith in GameStop caused markets to bet on the rally spilling over into Roaring Kitty (KITTY), GME, and GSTOP tokens.
— Roaring Kitty (@TheRoaringKitty) June 3, 2024
Amid ongoing profit booking, GME short sale volume has skyrocketed to levels last seen in 2021.
$GME Short Sale Volume (in blue) has not been this high since the sneeze of 21’
What will this chart look like tmrw? https://t.co/gcfV1Z2wAW pic.twitter.com/ByzpMn6Ow0
— 🏴☠️ u/welp007 🥊 (@welp007) June 5, 2024
Meanwhile, there are reports that Keith Gill could face consequences for alleged stock manipulation over his GameStop trades.
This is crazy.
Roaring Kitty aka DeepFuckingValue, may face consequences for alleged stock manipulation over his GameStop, $GME, trades.
Yet members of Congress have been doing the exact same thing for years and none of them have ever been investigated.
Make it make sense. pic.twitter.com/tAzyOghg7h
— Insider Tracker (@TrackInsiders_) June 4, 2024
GameStop Price Prediction
The GameStop price is trading with a bearish bias on the one-hour timeframe. It is bound to extend losses as it remains within the confines of the descending parallel channel. The bears are close to wiping out the nearly 200% gains made on June 3.
Based on the volume profile, the red nodes suggest abounding bearish sentiment in the GME market. Further, the Relative Strength Index (RSI) continues to record lower highs, indicating falling momentum. The position of the Moving Average Convergence Divergence (MACD) below the orange band of the signal line accentuates this outlook.
Why GameStop Price RSI And MACD Suggest Potential Bearish Trend In GME Market
The RSI at 35 suggests that the market may be approaching oversold conditions, indicating potential selling pressure. The fact that it is recording lower highs could suggest a weakening of the buying momentum.
Having the MACD below the signal line and in negative territory also suggests a bearish sentiment in the market. This indicator compares two moving averages to identify changes in momentum. A negative reading indicates that the shorter-term moving average is below the longer-term moving average.
Enhanced selling pressure could see the GameStop price clear the June 3 gains, slipping below $0.007844. In a dire case, the altcoin could test the lower boundary of the channel, or worse, slip below it for extended losses.
GeckoTerminal: GME/USD 1-hour chart
On the other hand, if the GME bulls recover the market, the GameStop price could recover. A strong move above the upper boundary of the channel would be ideal. However, the bearish thesis would only be invalidated once the GameStop price breaks and closes above the 50% Fibonacci placeholder of $0.018384.
In a highly bullish case, the gains could extend for the GameStop price to reclaim the $0.028925 range high.
As GME dumps, the new DogePlay (PLAY) presale is attracting investors because of its potential for parabolic gains.
It’s already blasted past $2.1 million raised in a little over a week and Crypto YouTuber Jacob Bury says it could be the next 10X crypto.
Promising Alternative To GameStop
PLAY is the powering token for the PlayDoge ecosystem, a project that advertises itself as the best play-to-earn (P2E) DOGE companion game. A mobile-based P2E game, the project transforms the iconic Doge meme into a Tamagotchi-style virtual pet.
Introducing #PlayDoge – the only #P2E Doge companion! 🐶
Inspired by the legacy of #Tamagotchi, feed, train and play with your 2D Doge to earn $PLAY. 💰
Don't neglect your doge, his life's on the line 😲💀
Join the #Presale Now ⬇️https://t.co/JT0VEofqf2 pic.twitter.com/RoJYXLS1FH
— PlayDoge (@PlayDogeGame) June 3, 2024
PlayDoge brings the legendary Tamagotchi virtual pet concept into the new digital economy of crypto. Ecosystem participants play through classic 8-bit side-scrolling adventures while embracing the 90s nostalgia to earn crypto. You enjoy monetary incentives based on how well you can care for your pet.
Keep your Doge happy and gobble up those $PLAY tokens! 🐶💰
The happier the pet, the stronger the rewards. Let's get playin'! 💪
Follow PlayDoge’s lead with our #Presale#PlayDoge #MemeCoin #BNB pic.twitter.com/w5HeXnQY0E
— PlayDoge (@PlayDogeGame) June 4, 2024
PLAY token holders enjoy several interesting features, including the following:
- Functionality: $PLAY is the primary in-game currency for transactions and accessing special features.
- Earning Mechanism: $PLAY is earned through engaging with pets and excelling in the adventure game.
- Utility: $PLAY is designed to have value both within the game and in the broader crypto market.
Get in on the action early with our #Presale launch! 🚀#PlayDoge brings together gamers and #Crypto enthusiasts for a trip down memory lane. 💭
Grab your tokens now! $PLAY
#P2E #MemeCoin #BNB pic.twitter.com/BBUtS3eFqV
— PlayDoge (@PlayDogeGame) June 4, 2024
The project runs on the BNB chain, delivering lower fees and faster transactions. The BNB chain is also known for ecosystem support, interoperability, scalability, and community adoption.
PLAY tokens are priced at $0.00503. If you are interested to invest, do so quickly because a price increase is coming in a little over two days.
Also Read:
- How to Buy PlayDoge – $PLAY Presale Review
- PlayDoge Price Prediction – PLAY Price Potential in 2024
- Meme Coins Flash Crash As Pepe, Dogwifhat, And Shiba Inu Plunge Amid 8% Sector Slump
- Best Altcoins to Invest In: Unveiling Top Picks for Maximum Returns!
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